Lebanon to appoint Cleary Gottlieb to advise on Eurobonds-source

BEIRUT, Feb 24 (Reuters) – Lebanon will appoint Cleary Gottlieb Steen & Hamilton LLP as legal adviser on its Eurobonds, a source close to the government said on Monday, with the heavily indebted state under pressure to decide how it will tackle maturing sovereign debt.

Officials are in the last phase of deciding on the firm that will separately be appointed financial adviser, the source said.

One of Lebanon’s most influential leaders, Parliament Speaker Nabih Berri, said last week debt restructuring was the best solution for looming Eurobond maturities, which include a $1.2 billion Eurobond due on March 9. (Reporting by Samia Nakhoul; Writing by Tom Perry; Editing by Alison Williams)

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