Exchange Bondholder Group Submits Comprehensive Restructuring Counterproposal

Exchange Bondholder Group Submits Comprehensive Restructuring Counterproposal

PR Newswire

NEW YORK, May 16, 2020

NEW YORK, May 16, 2020 /PRNewswire/ -- The Ad Hoc Group of Argentina Exchange Bondholders (the "Exchange Bondholder Group") confirms that it has today submitted a counterproposal to Argentina. 

The counterproposal provides a comprehensive approach to restructuring all bonds issued under the 2005 Indenture.  The proposal respects both the principles articulated by the Exchange Bondholder Group as well as the current economic conditions in Argentina, and its terms offer Argentina substantial cash-flow relief by a combination of interest holiday, decreases in coupon payments and deferral of amortization payments.  The proposal was submitted concurrently with a proposal from the Argentina Creditor Committee, Gramercy and Fintech Advisory for the restructuring of Argentina's Global Bonds issued under its 2016 indenture.  The coordinated counterproposals represent a good faith effort by these groups to provide a coherent basis for an overall expeditious restructuring of the entirety of Argentina's foreign law bonds and a long-term sustainable debt profile.  

The Exchange Bondholder Group is comprised of 18 investment institutions represented by Quinn Emanuel Urquhart & Sullivan LLP and collectively holds over 15% of the outstanding Exchange Bonds issued by Argentina under its 2005 indenture and 2010 indenture supplement.  Exchange Bonds were issued to investors who participated in the 2005 and 2010 debt exchanges, through which bondholders voluntarily accepted large reductions in net present value to assist Argentina's recovery from the 2001 default. 

Please visit The Exchange Bondholder Group's site, for additional important information related to Argentina's restructuring. You can also follow us on twitter at @Argexchangebond.

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