Joint Statement by the Ad Hoc Bondholder Group and the Exchange Bondholder Group

Joint Statement by the Ad Hoc Bondholder Group and the Exchange Bondholder Group

PR Newswire

NEW YORK, July 8, 2020

NEW YORK, July 8, 2020 /PRNewswire/ -- Argentina's revised debt restructuring offer is a step in the right direction.  However, it falls short of a proposal that can be supported by Argentina's most significant creditors.  Neither the Ad Hoc Bondholder Group nor the Exchange Bondholder Group was consulted regarding the proposal's terms.  As a consequence, the proposal does not reflect the vitally-needed input of Argentina's largest creditor groups to deliver to Argentina a fully successful debt restructuring.

While we do not accept Argentina's latest proposal, encouragingly it does provide a basis for constructive engagement.  We are prepared to engage in discussions on modifications to the proposal that can achieve a consensual restructuring, and believe a path towards full resolution of remaining issues is in sight.  Breaking the impasse between Argentina and its creditors is a far better alternative than yet another cycle of rejection and examination of more drastic alternatives on both sides.

A consensual restructuring is the best possible route towards a return of Argentina to the international capital markets and a sustainable economic future for the country and its people. As long-term investors that wish to continue to invest in Argentina for years to come, we remain united in our desire to reach a solution that not only provides the government with the immediate support that it needs, but also the economic and legal framework necessary to encourage future investment in the country.

We, as Argentina's largest creditors, remain ready to approach final discussions with responsibility and good faith, and urge Argentina to join us in that effort without delay.

The Ad Hoc Argentine Bondholder Group is advised by White & Case LLP.

Ad Hoc Argentine Bondholder Media Contacts

+44 (0)20-7952-2000

Exchange Bondholder Group Media Contacts

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