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The restructuring of the debt of Land Bank, which defaulted a year ago, is taking an inordinately long time. And, as time wears on, trust is wearing down as noteholders are confronted with changing liability solutions and with too little information on which to form an opinion.

While the noteholders started out optimistic that a solution would be reached — only one (Standard Chartered) decided to sue — they have now expressed fears that “the deal terms remain uncertain and thus we cannot know where it’s going to land”. So, while it remains within their interests to keep talking — a disorderly wind-down would not work for anyone — investors have lost their pleasant disposition...

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