April 5, 2006
Metrogas, which supplies a quarter of Argentina's natural gas, said it reac
Metrogas, which supplies a quarter of Argentina's natural gas, said it reached agreement with creditors to exchange US$437 million in debt, staving off bankruptcy. The company defaulted on its debt in 2002 amidst an economic crisis and government-imposed price controls. Creditors can choose between 75% of the face value of the debt or swap it for notes that come due in 2014. More than 90% of creditors approved the plan.