Herzfeld Caribbean Basin Fund Inc (CUBA)

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$1.4B unpaid government debt Cuba facing UK court battle

That creditor group represents a face value of $1.4 billion of Cuba's debt it has said, though it is likely to be much more if interest and penalty payments were included.

"However, the board of CRF have made clear that the legal process now underway will not be halted unless there is a satisfactory prior negotiated settlement with the Cuban government."

The communist-run island has seen its finances deteriorate in recent years following the deepening of Venezuela's economic crisis, lower revenue from commodities and restrictions put in place by the U.S. administration under President Donald Trump.

In 2015, Havana reached a deal with members of the 'Paris Club' of creditor nations that saw roughly three-quarters of that debt written off. But having not dealt with its commercial creditors in the so-called 'London Club' the country remains shut out of international capital markets.

https://www.nasdaq.com/articles/cuba-facing-uk-court-battle-over-unpaid-government-debt-2020-02-19

https://www.reuters.com/article/cuba-bonds/cuba-facing-uk-court-battle-over-unpaid-government-debt-idUSL8N2AJ5VF

CUBA FRAZ CGAR