Report: Lebanon Invites 8 Firms to Bid to Provide Financial Advice
Lebanon plans to invite eight firms to compete on providing financial advice on whether it should pay or default on its $1.2 billion Eurobond debt, which matures next month, media reports said on Wednesday.
According to reports, the firms were identified as Rothschild & Co, Guggenheim Partners, Citibank, Lazard, JP Morgan, PJT Partners , Moelis & Company and Houlihan Lokey.
Lebanon has the world's third-highest debt-to-GDP ratio and has been sliding towards default in recent months, with tight capital controls and a currency devaluation already hitting purchasing power.
Lebanon is expected to decide whether to pay $1.2 billion in Eurobonds that reach maturity on March 9 or to default on its debt.