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Bondholder groups submit joint Argentina debt restructuring plan
By Rebecca Melvin
New York, May 29 – The Ad Hoc Bondholder Group represented by White & Case LLP and the Exchange Bondholder Group have submitted a joint proposal to Argentina for front-loaded cash flow relief in excess of $36 billion over nine years, according to a news release.
The proposal is supported by Argentina’s largest creditor constituencies and is on more favorable terms for Argentina than the prior proposals submitted by these groups, the release by the Ad Hoc group stated.
The bondholder groups said they are balancing a fiduciary obligation to make decisions in the best interest of international investors and the difficult circumstances facing the Argentine government, including in responding to the challenges posed by Covid-19.
“We are confident the joint proposal provides the basis for a collaborative solution that will both serve the interest of the Argentine people and help to restore the trust of the international financial community,” the Ad Hoc group said.
As previously reported, Argentina announced May 21 that it was extending for the second time its initial exchange offer, and the media reported that Argentina was not making the overdue interest payments on its bonds prior to the end of the grace period May 22.
The postponement stirred some controversy over the restructuring process. But the Ad Hoc group said earlier this week that it remained committed to finding a solution to the defaults that have occurred across various bond issuances.
The bondholder group includes 18 investment institutions, including AllianceBernstein, Amundi Asset Management, Ashmore Investment Management Ltd. and Ashmore Investment Advisors Ltd., Autonomy Capital, BlackRock Financial Management, Inc. and its affiliates, BlueBay Asset Management LLP, Fidelity Management & Research Co., Invesco Advisers, Inc., T. Rowe Price Associates, Inc., Western Asset Management Co. LLC, and Wellington Management Co. LLP.
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