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Buenos Aires ad hoc group poises for 14th rejection of exchange offer
Chicago, April 22 – Members of the steering committee of the ad hoc group of bondholders for the Province of Buenos Aires’ bonds warn that, in light of tomorrow’s deadline, a fourteenth rejection of the unamended exchange offer that has been circulating for more than 12 months is likely forthcoming, according to a press release.
The bondholder group filed claims in the United States District Court for the Southern District of New York seeking judgment against the province in respect of the province’s continuing default on scheduled payments of interest and/or principal under 11 series of notes on March 22.
The bondholders group cites the province’s improving financial position as Buenos Aires has increased “revenues and capacity to pay,” according to the group.
The group states that, “Before extending once again the acceptance deadline on its failed exchange offer, the group encourages the provincial leadership to consider carefully the example of the nine other Argentine provinces which have in recent months resolved their own debt challenges through good faith negotiation with their creditors.”
Currently, the group intends to vigorously pursue the legal proceedings initiated in March. However, the group states that it is open to “considering proposals from the province that fairly reflect the reality of the province's debt service capacity and respect the investments that bondholders have made to support the economic and social development of the province in the same manner that other Argentine provinces have done.”
The members of the steering committee are represented by White & Case LLP.
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