UK-backed group issues private lenders' debt rework guide ahead of IMF World Bank meetings

LONDON, Oct 8 (Reuters) - The UK-government backed London Coalition on Sustainable Sovereign Debt published two guides on Thursday aimed at helping banks and other private lenders and export credit agencies navigate sovereign debt restructurings.

The documents are part of a wider effort to break bottlenecks that slowed the path out of default for the likes of Zambia and Ghana. The Coalition's work is also expected to help shape Britain's agenda as next G20 chair, with developing country debt expected to feature prominently at the upcoming IMF and World Bank Annual meetings in Bangkok.

• The British government launched the London Coalition last year to bring together governments and the private sector to make debt more manageable and preserve access to private investment

• The two documents published on Thursday - the Loan Creditor Committee (LCC) Guide and Export Credit Agency (ECA) Practice Note, aim to boost creditor coordination and information-sharing

• While "London Clubs" of commercial bank creditors used to form during defaults, lenders have not organised in that way for years and some warned they had lost negotiating expertise as a result

• Senegal, which announced plans for a debt treatment under the G20's Common Framework, said this week private lenders exposed to Senegal's non-bonded debt had formed a committee to coordinate talks

• The guides were "developed through extensive consultation with sovereign borrowers, creditors, export credit agencies, international financial institutions and official sector stakeholders", the London Coalition said in a statement

• Improving coordination among private debtholders was also a key guideline from the Global Sovereign Debt Roundtable, the working group that aims to improve the Common Framework

(Reporting by Libby George, editing by Karin Storhecker)