Ecuador touts approval for restructuring

Ecuador touts approval for restructuring

Bonds Debt Capital Markets Corporate & Sovereign Strategy Fixed Income Ecuador

Ecuador said Monday that creditors agreed to restructure $17.4 billion worth of foreign-law bonds, overriding a legal challenge from one group of investors. Ecuador now plans to swap 10 series of bonds that mature between 2022 and 2030 for new notes that come due in 2030, 2035 and 2040 by August 7. The government agreed to take out a loan from the International Monetary Fund (IMF) as part of the agreement. "This is an ideal outcome for Ecuador with a quick resolution that rules out a coercive Pa

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