NEW YORK, Might 16, 2020 /PRNewswire/ — The Advert Hoc Group of Argentina Alternate Bondholders (the “Alternate Bondholder Group”) confirms that it has in the present day submitted a counterproposal to Argentina.
The counterproposal supplies a complete strategy to restructuring all bonds issued underneath the 2005 Indenture. The proposal respects each the ideas articulated by the Alternate Bondholder Group in addition to the present financial circumstances in Argentina, and its phrases supply Argentina substantial cash-flow reduction by a mix of curiosity vacation, decreases in coupon funds and deferral of amortization funds. The proposal was submitted concurrently with a proposal from the Argentina Creditor Committee, Gramercy and Fintech Advisory for the restructuring of Argentina’s World Bonds issued underneath its 2016 indenture. The coordinated counterproposals signify a superb religion effort by these teams to offer a coherent foundation for an total expeditious restructuring of the whole lot of Argentina’s international legislation bonds and a long-term sustainable debt profile.
The Alternate Bondholder Group is comprised of 18 funding establishments represented by Quinn Emanuel Urquhart & Sullivan LLP and collectively holds over 15% of the excellent Alternate Bonds issued by Argentina underneath its 2005 indenture and 2010 indenture complement. Alternate Bonds have been issued to buyers who participated within the 2005 and 2010 debt exchanges, by way of which bondholders voluntarily accepted giant reductions in internet current value to help Argentina’s restoration from the 2001 default.
Please go to The Alternate Bondholder Group’s website, argentinaexchangebondholders.com for extra essential info associated to Argentina’s restructuring. You may as well observe us on twitter at @Argexchangebond.
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SOURCE The Advert Hoc Group of Argentina Alternate Bondholders