Echo Energy asks to restructure 2022 bonds

Echo Energy asks to restructure 2022 bonds

Corporate & Sovereign Strategy Bonds Debt Fixed Income Capital Markets Argentina Brazil United Kingdom

Echo Energy, an oil and gas company focused on Argentina, has asked bondholders to allow it to extend the maturity and lower the interest rate on its 8% 2025 bonds as well as convert part of the debt into equity. Echo Energy wants to delay the due date by seven years, reduce the rate to 2% per year and turn half of the outstanding amount into ordinary shares worth £0.45 ($0.52) each, it said in a securities filing. The company issued €20 million worth of 2022 bonds in June 2017 but defaulted on

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