Ad Hoc Committee in Ghana Debt Restructuring

Cleary Gottlieb represented the Saderea ad hoc committee in a successful exchange of defaulted 12.5% Saderea bonds due 2026.

The committee represents over 66% of the outstanding aggregate principal amount of Saderea notes. The Saderea notes are backed by promissory notes from the Republic of Ghana (Ghana) and guarantees by the Bank of Ghana. They were issued in 2014, and the proceeds were used to fund critical infrastructure projects in Ghana, including the construction of certain regional and district hospitals.

The invitation to exchange was launched on June 23, 2026, and received 100% participation, with settlement planned for July 10, 2026. The exchange provides holders of each $1,000 of Saderea notes with new tap notes consideration consisting of $982.21 of Ghana’s existing 2035 Eurobonds and $330 of Ghana’s existing 2037 Eurobonds.

The exchange terms were supported by the committee and represent the successful culmination of a multi-year effort to seek favorable restructuring terms with the Republic of Ghana that both align with sovereign debt comparability of treatment parameters while also recognizing the unique structure and guarantees of the Saderea notes.

The Cleary team included partners Richard Cooper and Ignacio Lagos and associate Sean O’Connell. Partners Jim Ho and Alastair Goldrein and counsel James Armshaw advised on UK law matters. Partner Matthew Brigham and associate Banu Dzhafarova advised on tax matters.