Buenos Aires Province Creditors to Review Latest Debt Proposal
(Bloomberg) -- Argentina’s Province of Buenos Aires sent a revised debt restructuring proposal to its major creditors Friday, but a committee of creditors has yet to review it due to the recent U.S. holiday weekend, according to people with direct knowledge of the talks.
The steering committee for the Ad Hoc Group of Buenos Aires Bondholders has not yet discussed the proposal among its members or with the province, according to the people, who asked not to be named because the negotiations are private. Bondholders are expected to review the proposal this week, they said.
The people declined to provide any details on the proposal’s yields or net present value. A spokesman for the province declined to comment, and a spokesman for the bondholder group didn’t immediately respond to a request for comment.
The province, Argentina’s largest, has languished in default for over a year as it seeks to restructure around $7.1 billion in overseas debt with creditors. In March, after the province had extended the deadline for its original debt offer more than a dozen times, bondholders sued the province in New York courts for unpaid principal and interest. Talks between the parties resumed about a month later under non-disclosure agreements.
The latest deadline for creditors to accept the province’s original offer is June 4.
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