Congo’s $363m Eurobond secures U.S. court’s lift on restriction

Congo’s developmental projects may have received a new lease of life with the commitment of a US court to its success through a court verdict lifting restriction on bond’s coupon payment.

Agency reports said that a U.S. court has ruled to lift two restraining notices that had blocked a coupon payment on Congo Republic’s $363 million Eurobond amid a $1 billion legal dispute between the government and a construction firm.

The report stated that a payment on the bond maturing in 2029 was frozen in June after a company, Commissions Import Export S.A. filed two restraining orders to the bond’s trustee the Delaware Trust Company.

Congolese authorities had transferred the payment a day before.

It was not immediately clear if the coupon payments have now resumed.