Mendoza gets 60% approval for restructuring

Mendoza gets 60% approval for restructuring

Bonds Debt Corporate & Sovereign Strategy Coronavirus Argentina US

The province of Mendoza in central-west Argentina said Thursday that bondholders with 59.7% of its 8.375% 2024 notes had agreed to a restructuring proposal by July 29. The province wants to renegotiate the $590 million in outstanding notes by delaying payments for 18 months, cutting the coupon and extending the maturity to 2029. It initially gave bondholders until July 27 to accept the offer, but it then extended the deadline to August 7. So far, bondholders with roughly $316 million in 2024 not

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