NEW YORK and LONDON, Nov. 2, 2020 /PRNewswire/ — In light of the Province of Buenos Aires’ ongoing default on its external debt obligations, and the lack of constructive engagement from the Province, the Steering Committee of the Ad Hoc Group of Bondholders (“the Group”), which comprises more than 40 institutions holding in excess of 49% of the Province’s external bonded debt, has retained White & Case LLP and Ayres Investment Management LLP to assist in evaluating all available options to progress the restructuring.
In December 2019, a number of institutional holders of bonds issued by the Province formed the ad hoc group to facilitate a dialogue with provincial authorities. From the outset, the Group’s objective was to find a constructive and consensual solution that addresses the liquidity challenges of the Province in a manner that could garner the support of international bondholders. After meeting with provincial officials in March and performing a careful analysis of the Province’s economic data and circumstances, the Steering Committee shared a proposal that would provide approximately $3.3 billion in debt service relief, as well as a three-year maturity extension. Rather than engaging with the Steering Committee, in April the Province rejected the invitation to enter into negotiations and launched a unilateral exchange offer that was resoundingly rejected by bondholders.
The Province has now extended the acceptance deadline for its unilateral offer multiple times, despite the consistent message from bondholders that the offer does not accurately reflect the Province’s repayment capacity and is therefore not the basis for a consensual solution. There is no basis for thinking that further extensions of this failed offer can lead to a positive outcome.
Although the Province has regrettably shown little interest in engaging substantively with its bondholders over the past year, the Steering Committee remains ready and willing to engage in good faith negotiations to find a constructive solution appropriate to the Province’s specific fiscal situation. Such a solution would in turn make possible a resumption of much-needed investment and access to international capital markets. While the Steering Committee remains hopeful that a consensual resolution can be achieved, should the Province maintain its present counterproductive and confrontational course, the Steering Committee and its advisors are prepared to evaluate all available options.
Regulators authorized AstraZeneca’s coronavirus vaccine for use in adults throughout the European Union on Friday, amid criticism the bloc is not moving fast enough to vaccinate its population.
WASHINGTON (AP) — A former FBI lawyer was sentenced to probation for altering an email that the Justice Department relied on during its surveillance of an aide to President Donald Trump during the Russia investigation.
MADISON, Wis. (AP) — Democratic Gov. Tony Evers lashed out Friday at rival Republicans who tried to repeal his statewide mask mandate, saying killing the order would be a ridiculous move comparable to abolishing speed limits.
COLUMBIA, S.C. (AP) — As some conservatives in South Carolina celebrated getting a bill that would ban almost all abortions in the state past a legislative barrier and likely becoming law, they said they are not finished trying to end all abortions.
A Moscow court on Friday put the brother and several allies of Russian opposition leader Alexei Navalny under house arrest for two months as authorities sought to stymie more protests over the jailing of the top Kremlin foe.