Chemaf Is a Restructuring Wearing a Flag, and Four Books Should Already Be Marking It That Way
Washington still calls Chemaf its flagship investment in Congo. Five and a half months after a USD 30 million equity close, Etoile had not restarted as of late July, creditors had agreed to forgo as much as USD 475 million of an USD 804 million stock, about USD 330 million remains, and the additional USD 260 million the owners told investors they need has not been shown as raised. Anyone holding residual debt, offtake, a Gécamines-linked right or another partnership-labelled distressed thesis is marking a restructuring, not a mine.
