Valuing illiquid bonds/investments

Need some help. Got tasked with creating a formula/framework for valuing illiquid debt/investments for very very illiquid investments. The investments are in the middle of nowhere and there are no reliable comparables available. It’s not even sure that the financial statements are provided/accurate. The investments are located in bottom of the barrel 3rd world countries which do not have the basic institutions etc. How would you go about it? Any other criterias than e.g. number of missed payment dates?

depends on the country, you would need to understand the local legal system to guesstimate chances of getting paid anything

A few years ago, I had to rate an Ethiopian chicken co-op and it was a disaster. Lucklily for me, but not so luckily for the co-op, the chicken coops burned down in a bonfire that turned into a biblical forest fire before I had the opportunity to rate it.

I second fish guy, easier to just burn it down.