WASHINGTON, Nov 10 (Reuters) - Switzerland-based Glencore, China and Chad's other creditors have reached an agreement in principle on restructuring the African country's nearly $3 billion in external debt, a source close to the negotiations said on Thursday.
Glencore (GLEN.L), a major private creditor, agreed late in October or early November to join the other creditors, the source said.
Chad owes one third of its external debt to commercial creditors, and almost all of that to Glencore in oil-for-cash deals dating back to 2013 and 2014.
The agreement now reached marks progress and reflects growing trust among creditors, including China, as they negotiate on debt issues, the source said.
Chad's creditor committee is co-chaired by France and Saudi Arabia.