Cleary Gottlieb represented the Republic of Chad and state-owned oil company Société des Hydrocarbures du Tchad (SHT), alongside Rothschild & Co. as financial advisor, in the negotiations of a memorandum of understanding (MoU) with Glencore, related to the restructuring of a $1.3 billion oil-for-cash facility agreement granted by Glencore in 2014 and renegotiated in 2018.
The MoU, signed on December 7, 2022, provides for principles, agreed with the International Monetary Fund (IMF), which will enable the continuation of the extended credit facility program with the IMF and the disbursement of a new tranche of financing to Chad by the end of December 2022, following a decision by the IMF executive board.