March 7, 2020 / 7:25 PM / a month ago

Lebanon's banks ready to talk on sovereign debt overhaul - source

LONDON, March 7 (Reuters) - Lebanon’s banks are ready to talk with the country’s foreign creditors as the government seeks to restructure its debt, a source familiar with the matter said on Saturday.

Houlihan Lokey has been appointed financial adviser by the Association of Banks in Lebanon to help with the process, the source said.

Lebanon announced on Saturday that it cannot meet its debt payments and halted a March 9 bond payment of $1.2 billion , setting the heavily indebted state on course for a sovereign default as it grapples with a financial crisis.

Reporting by Tom Arnold; Editing by Kevin Liffey

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