Chaco reaches preliminary restructuring deal

Chaco reaches preliminary restructuring deal

Corporate & Sovereign Strategy Bonds Debt Fixed Income Latin America South America Argentina Coronavirus

Chaco, a northern province of Argentina, said Monday that it reached a deal with a group of bondholders to restructure a $250 million 9.375% 2024 international bond, allowing it to emerge from a more than seven-month default. An ad hoc group of bondholders led by London-based VR Advisory Services and holding about 50% of the notes agreed to the terms of the restructuring and said it would support the offer to swap the 2024 for a new note with a longer maturity and lower interest rate, Chaco Gov.

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