Argentina's Emgasud bondholders waive coverage ratio reserve funding

By Caroline Salls

Pittsburgh, July 1 - Holders of Emgasud SA's $101.6 million of class I series I bonds and $13.69 million of class I series II bonds voted to waive the company's obligation to fund a coverage ratio reserve in connection with the service and interest repayment on its notes due June 15, according to a news release.

As previously reported, the depreciation of capital and interest of the notes due June 15 reached $34.94 million, which was required to be paid with available reserve funds and available cash.

Emgasud is a Buenos Aires, Argentina, natural gas distribution and transportation company.

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