Metalastan is a little-known former Soviet republic located near Russia and Kazakhstan. One of its major privatized companies, CopperCo, prospered in the new millennium as demand for copper increased worldwide The company was rated BB+ and aggressively borrowed in dollars to make acquisitions in many countries of these acquisitions were at the top of market prices. When commodity crisis ensued in 2010-2015, copper prices plummeted 70%, forcing the company to cease interest payments on $5 billion of bonds due in 2015. CopperCo is one of the country's largest employers, and Metalastan wants the company to survive. Cash strapped, the government of Metalastan made a senior loan to CopperCo, with warrants to buy up to 20% of the company's equity. Credit spreads on Metalastan sovereign debt (rated BB+, viewed as "stable" by the rating agencies), which had been as low as 240 bps. above US Treasuries in early 2008, had soared to 800 bps. during the credit crisis in 2009 but has now come down to 490 bps. above US Treasuries. (FOR REFERENCE, SEE TABLE OF COUNTRY outside of Metalastan to become the world's 3rd largest copper producer. Yet many MARKET SPREADS AND RATINGS ON NEXT PAGE) Creditor committees formed to work on a debt restructuring in early 2016 and the World Bank was also asked by the Metalastan government for some assistance. Final details were just released this week to settle the outstanding bond claims Interest Arrears: INTEREST ARREARS BOND: $1 of interest arrears converts into $1 of new 10-year bonds with a "step-up" coupon of 1% for first 3 years, 2% for the next 3 years, and 3% for final 4 years. The Metalastan government will guarantee all interest and principal payments, although no additional company collateral or assets will be pledged Principal. PAR BOND: $1 of old bond converts into $1 of new 30-year bonds with a 1.35% coupon. 30-year principal maturity backed by US Zero Coupon (with the money to buy such collateral coming from the World Bank). The Metalastan government will guarantee a rantee all 1.35% coupon payments