Chaco to miss bond payment

Chaco to miss bond payment

Bonds Debt Corporate & Sovereign Strategy Argentina Latin America Coronavirus


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

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