Bondholders snub Buenos Aires restructuring offer

Bondholders snub Buenos Aires restructuring offer

Asset Management Bonds Debt Capital Markets Corporate & Sovereign Strategy Economy & Policy Fixed Income Funds Structured Finance Regulation Politics Argentina Latin America United States

A group of bondholders on Monday rejected a proposal from Buenos Aires province to restructure $7.15 billion in external bonds, calling the offer unacceptable in a decision that could push Argentina's largest sub-sovereign issuer to default. The group, which represents holders of more than 40% of the province's foreign debt, said they had been working "constructively" and "in good faith" to come up with an "orderly restructuring," offering the province with more than $3.3 billion in debt relief

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