On the one side there is a former communist country in default for more than 30 years, now willing to re-engage with the international community but still on the world’s most punishing sanctions list: the US embargo. On the other side is a group of investors hoping to cash in on their claims on the country’s sovereign debt before it is allowed to re-enter the international community. The debt in question dates back to more than 30 years ago.
The tale of Cuba and the commercial creditors under the umbrella of the London Club is one of formal correspondence, unofficial talks and unique opportunities for all involved. The London Club group has three official members: specialist investor Adelante Exotic Debt Fund, family office Stancroft Trust, and CRF I, a fund solely dedicated to investing in Cuban foreign debt. In April, Rodrigo Olivares-Caminal, a banking and finance law professor at Queen Mary University of London who advised two creditors in the recently closed Argentine default saga, was appointed as the group’s coordinator; he is talking to other investors as well as banks about joining the trio. One bank in particular is about to take part in a subcommittee of the group, according to a person familiar with the situation.
