On Tuesday, the Argentine government formalized its new debt restructuring proposal held by private bondholders through Decree 582/2020 – Public Debt supporting submission to the SEC.
Our country expects a favourable response from its creditors to its new debt swap bid, an indispensable process for its economic revival after the debacle that will leave the coronavirus pandemic.
“It’s the last and last effort we can make,” President Alberto Fernandez said, announcing it on Sunday.
In statements made to the press late yesterday, the Minister of the Economy sought to set out the first objective he will seek with the amendment of the offer, that is, 50% accession. Martín Guzmán noted that “our interest is to reach an agreement with all creditors, because what Argentina has here is a real unsustainable debt problem”Almost three months after submitting its first proposed restructuring of about $66 billion in bonds issued under foreign law, Argentina announced that it will enter an amendment to its offer, with a deadline of August 4.
Finally, creditors who enter the exchange would get about $53.5 for every $100 borrowed. It should be recalled that the government’s first offer was in the order of $39 per 100 and was rejected by most creditors.
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