Thread: Iraq Announces Conclusion of Commercial Debt Settlement

Iraq Announces Conclusion of Commercial Debt Settlement

June 18, 2007
Baghdad, Iraq: The Republic of Iraq today announced the conclusion of its program to restructure Saddam-era commercial debt with payments that were made to holders of small claims against Iraq and Iraqi public sector entities.
Holders that received payments included those who tendered in response to final round of cash buyback invitations, as well as those who previously tendered and received awards in the arbitration process that addressed their unreconciled claims.

A total of $19.7 billion of commercial claims against Iraq have been settled over the past eleven months as part of the Govermment of Iraq's program to address the huge debt stock accumulated by the Saddam regime.
As a result of the two rounds of Iraq's debt-for-debt exchange offer, the four rounds of its cash buyback offer and the arbitration process:

> 11,776 individual Saddam-era commercial claims have been cancelled, including 817 following the arbitration process;

> 491 commercial claimants participated in the program;

> The aggregate amount of commercial claims retired under this program exceeds $19.7 billion; and

> The holders of approximately 96% (by value) of the eligible claims that received invitations to settle their Saddam-era claims agreed to do so.

"The success of Iraq's commercial debt restructuring program represents a crucial mileston in Iraq's return to normal relations with the international financial community" said Bayan Jabr, Iraq's Minister of Finance. "The pace and scale of this debt restructuring program is unprecedented in the history of sovereign finance."

Sinan Al-Shabibi, Governor of the Central Bank of Iraq, added, "The enormous and unsustainable debt stock accumulated by the Saddam regime has now been reduced to the point that it will not deter the new investment needed to finance Iraq's economic reconstruction. This was one of the major objectives that the Govermment of Iraq identified in June, 2004. It is an objective that has now been accomplished."
Iraq Announces Conclusion of Commercial Debt Settlement

Oil law before parliament soon
Baghdad Tarek Al-Araji
.A source at the Energy Commission to the Council of Ministers that the next two days will see a meeting of Committee members to discuss oil and gas law and the law of financial resources, which are one of the most important laws concerning the Iraqi economy and the distribution of wealth and surplus financial resources between the central government and provinces.

It was the House had discussed a draft bill of oil and gas in a meeting held outside parliament in Dubai last April attended by a large number of deputies, Oil Minister Dr. Hussein Shahrastani addition to the oil experts and advisers.
The source told (morning) : The committee de****e the previous meetings and discuss the special oil and gas did not reach a settlement that satisfies all parties until now, there has no positive signals to approve the law which determines the petroleum policies of Iraq noting that the next two days will see a meeting of the Committee to reach a settlement that satisfies all parties in the absence of reaching the Commission will transmit the discussions to the Cabinet for a decision and arrive at a final version, which in turn would be forwarded to the House of Representatives for approval.
The source added that the Committee is nearing completion of the financial resources Only discussion of an article or articles relating to the allocation of financial resources surplus and how to deal between the State and Territory and distribution of surplus financial resources annually. وHe explained that the government had a specific program for the approval of these laws is moving forward towards resolving the important regardless of any external calls.



Translated version of http://ht/

Originally Posted by neno

Iraq Announces Conclusion of Commercial Debt Settlement

June 18, 2007
Baghdad, Iraq: The Republic of Iraq today announced the conclusion of its program to restructure Saddam-era commercial debt with payments that were made to holders of small claims against Iraq and Iraqi public sector entities.
Holders that received payments included those who tendered in response to final round of cash buyback invitations, as well as those who previously tendered and received awards in the arbitration process that addressed their unreconciled claims.

A total of $19.7 billion of commercial claims against Iraq have been settled over the past eleven months as part of the Govermment of Iraq's program to address the huge debt stock accumulated by the Saddam regime.
As a result of the two rounds of Iraq's debt-for-debt exchange offer, the four rounds of its cash buyback offer and the arbitration process:

> 11,776 individual Saddam-era commercial claims have been cancelled, including 817 following the arbitration process;

> 491 commercial claimants participated in the program;

> The aggregate amount of commercial claims retired under this program exceeds $19.7 billion; and

> The holders of approximately 96% (by value) of the eligible claims that received invitations to settle their Saddam-era claims agreed to do so.

"The success of Iraq's commercial debt restructuring program represents a crucial mileston in Iraq's return to normal relations with the international financial community" said Bayan Jabr, Iraq's Minister of Finance. "The pace and scale of this debt restructuring program is unprecedented in the history of sovereign finance."

Sinan Al-Shabibi, Governor of the Central Bank of Iraq, added, "The enormous and unsustainable debt stock accumulated by the Saddam regime has now been reduced to the point that it will not deter the new investment needed to finance Iraq's economic reconstruction. This was one of the major objectives that the Govermment of Iraq identified in June, 2004. It is an objective that has now been accomplished."
Iraq Announces Conclusion of Commercial Debt Settlement

Originally Posted by neno

Oil law before parliament soon
Baghdad Tarek Al-Araji
.A source at the Energy Commission to the Council of Ministers that the next two days will see a meeting of Committee members to discuss oil and gas law and the law of financial resources, which are one of the most important laws concerning the Iraqi economy and the distribution of wealth and surplus financial resources between the central government and provinces.

It was the House had discussed a draft bill of oil and gas in a meeting held outside parliament in Dubai last April attended by a large number of deputies, Oil Minister Dr. Hussein Shahrastani addition to the oil experts and advisers.
The source told (morning) : The committee de****e the previous meetings and discuss the special oil and gas did not reach a settlement that satisfies all parties until now, there has no positive signals to approve the law which determines the petroleum policies of Iraq noting that the next two days will see a meeting of the Committee to reach a settlement that satisfies all parties in the absence of reaching the Commission will transmit the discussions to the Cabinet for a decision and arrive at a final version, which in turn would be forwarded to the House of Representatives for approval.
The source added that the Committee is nearing completion of the financial resources Only discussion of an article or articles relating to the allocation of financial resources surplus and how to deal between the State and Territory and distribution of surplus financial resources annually. وHe explained that the government had a specific program for the approval of these laws is moving forward towards resolving the important regardless of any external calls.



Translated version of http://ht/

Thanks Neno HUGH Article!!!! Great post, we are on our way my friend!!!!

Originally Posted by neno

Iraq Announces Conclusion of Commercial Debt Settlement

June 18, 2007
Baghdad, Iraq: The Republic of Iraq today announced the conclusion of its program to restructure Saddam-era commercial debt with payments that were made to holders of small claims against Iraq and Iraqi public sector entities.
Holders that received payments included those who tendered in response to final round of cash buyback invitations, as well as those who previously tendered and received awards in the arbitration process that addressed their unreconciled claims.

A total of $19.7 billion of commercial claims against Iraq have been settled over the past eleven months as part of the Govermment of Iraq's program to address the huge debt stock accumulated by the Saddam regime.
As a result of the two rounds of Iraq's debt-for-debt exchange offer, the four rounds of its cash buyback offer and the arbitration process:

> 11,776 individual Saddam-era commercial claims have been cancelled, including 817 following the arbitration process;

> 491 commercial claimants participated in the program;

> The aggregate amount of commercial claims retired under this program exceeds $19.7 billion; and

> The holders of approximately 96% (by value) of the eligible claims that received invitations to settle their Saddam-era claims agreed to do so.

"The success of Iraq's commercial debt restructuring program represents a crucial mileston in Iraq's return to normal relations with the international financial community" said Bayan Jabr, Iraq's Minister of Finance. "The pace and scale of this debt restructuring program is unprecedented in the history of sovereign finance."

Sinan Al-Shabibi, Governor of the Central Bank of Iraq, added, "The enormous and unsustainable debt stock accumulated by the Saddam regime has now been reduced to the point that it will not deter the new investment needed to finance Iraq's economic reconstruction. This was one of the major objectives that the Govermment of Iraq identified in June, 2004. It is an objective that has now been accomplished."
Iraq Announces Conclusion of Commercial Debt Settlement

I would have to say this is hugh aww I can't do it, I can't mispell it.

This is HUGE and no less with a statement from the man, Shabs, himself.





World.

Ooooooh, things are lookin' good guys! Thanks a million!

Originally Posted by darock0116

Thanks Neno HUGH Article!!!! Great post, we are on our way my way!!!!

I second darock's thoughts here!!!to neno!!!and for all of us!!!!

Originally Posted by texasaggies

I second darock's thoughts here!!!to neno!!!and for all of us!!!!

MY ELECTRICITY JUST CAME BACK ON...WHAT ARE WE CELEBRATING????

wow i left for awhile and look at all the great news!!!!!Thanks guy"s
WOOOOOOOOOOOOTTTTT!!!Come on RV!!!!

Originally Posted by neno

Iraq Announces Conclusion of Commercial Debt Settlement

June 18, 2007
Baghdad, Iraq: The Republic of Iraq today announced the conclusion of its program to restructure Saddam-era commercial debt with payments that were made to holders of small claims against Iraq and Iraqi public sector entities.
Holders that received payments included those who tendered in response to final round of cash buyback invitations, as well as those who previously tendered and received awards in the arbitration process that addressed their unreconciled claims.

A total of $19.7 billion of commercial claims against Iraq have been settled over the past eleven months as part of the Govermment of Iraq's program to address the huge debt stock accumulated by the Saddam regime.
As a result of the two rounds of Iraq's debt-for-debt exchange offer, the four rounds of its cash buyback offer and the arbitration process:

> 11,776 individual Saddam-era commercial claims have been cancelled, including 817 following the arbitration process;

> 491 commercial claimants participated in the program;

> The aggregate amount of commercial claims retired under this program exceeds $19.7 billion; and

> The holders of approximately 96% (by value) of the eligible claims that received invitations to settle their Saddam-era claims agreed to do so.

"The success of Iraq's commercial debt restructuring program represents a crucial mileston in Iraq's return to normal relations with the international financial community" said Bayan Jabr, Iraq's Minister of Finance. "The pace and scale of this debt restructuring program is unprecedented in the history of sovereign finance."

Sinan Al-Shabibi, Governor of the Central Bank of Iraq, added, "The enormous and unsustainable debt stock accumulated by the Saddam regime has now been reduced to the point that it will not deter the new investment needed to finance Iraq's economic reconstruction. This was one of the major objectives that the Govermment of Iraq identified in June, 2004. It is an objective that has now been accomplished."
Iraq Announces Conclusion of Commercial Debt Settlement

Sorry Neno...but this article is from July 18, 2006

http://www.eyidro.com/doc/Iraq_Annno...Settlement.pdf


Cheers!
DayDream

Originally Posted by cooldolphins

MY ELECTRICITY JUST CAME BACK ON...WHAT ARE WE CELEBRATING????

Hey coold, just go back and read pgs 16-18!!! it's all there and it looks and reads like we are on our way!!!!!