The Road to Recovery

The Road to Recovery

Corporate & Sovereign Strategy

With its 730 pages of documentation, the debt restructuring of Banco de Galicia y Buenos Aires, Argentina's largest private sector bank, stands as one of the most complex Latin American debt workouts ever. More than 240 banks and other creditors, including the US government and the Central Bank of Argentina, agreed to participate in the $1.37 billion transaction. This deal simultaneously restructured the bank's debts and helped rebuild its balance sheet, devastated by the Argentine financial crisis. The deal, which closed on May 18, comprised an initial exchange of existing instruments for a new longer-term facility with reduced interest rates, followed by subsequent exchanges in

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