Ecuador 2024 noteholders form ad hoc group to advocate for interests

By Wendy Van Sickle

Columbus, Ohio, June 8 – An ad hoc group of holders of notes due 2024 issued by Ecuador has organized and retained Quinn Emanuel Urquhart & Sullivan LLP to advocate for the rights and interests of holders of the 2024 notes, which are governed by an indenture dated June 20, 2014.

The material terms of that series of notes are unique in Ecuador's capital structure and distinguish them from Ecuador's other external debt, according to a news release issued on Monday.

On April 17, Ecuador received consents from noteholders to defer making $811 million in interest payments on nine bonds maturing between 2022 and 2030 for three months until August.

“Ecuador's engagement with its creditors to this point has been constructive and mutually beneficial, as demonstrated by the fact that its request to postpone payments by three months received broad creditor support. The Ecuador 2024 noteholder group hopes to maintain the constructive tone of that dialogue,” the release states.

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