Thursday, June 17, 2021
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ECONOMY | 02-06-2021 16:32

Buenos Aires Province creditors to review latest debt proposal

Provincial government sends revised debt restructuring proposal to major creditors.

The Buenos Aires Province government has sent a revised debt restructuring proposal to major creditors on Friday, but a committee of lenders has yet to review it due to the recent holiday weekend in the United States, according to people with direct knowledge of the talks.

The steering committee of the Ad Hoc Group of Bondholders of Buenos Aires has not yet discussed the proposal among its members or with the provincial government, according to the individuals, who asked not to be identified because the negotiations are private. Bondholders are expected to review the proposal this week, they said.

Officials declined to provide details on the proposal's returns or net present value. A spokesman for the provincial government declined to comment, and a spokesperson for the bondholder group did not immediately respond to a request for comment.

Buenos Aires Province, Argentina's largest and most-populous region, has languished in default for more than a year, as it seeks to restructure around US$7.1 billion in foreign debt with creditors. In March, after extending the deadline for its original debt offering more than a dozen times, bondholders sued the province in New York courts for unpaid principal and interest. About a month later, talks between the parties resumed under confidentiality agreements.

The last deadline for lenders to accept the original offer from the province is June 4.

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by Scott Squires & Jorgelina do Rosario, Bloomberg

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