August 17, 2020 |
Chaco, a northeastern province of Argentina, said Friday that it will not make an interest payment on its $250 million 9.375% 2024 bonds as the country's worsening economic crisis slashes public revenue and pushes the province to the verge of default.
The provincial government said it will use a 30-day grace period to seek a restructuring agreement with creditors so it can make payments on time again, according to a securities filing. The payment is due on August 18.
"The province is implementi
Argentine province says it will use the grace period to seek a restructuring deal with holders of its 2024 notes