Ecuador offers 35 cents per dollar for defaulted bonds due 2012, 2030

By Aaron Hochman-Zimmerman

New York, May 26 - Ecuador announced that it will pay 35 cents on the dollar for $3.2 billion in defaulted bonds for its defaulted bonds due 2012 and 2030.

The default was triggered on Dec. 15, when the Quito government failed to service a $31 million coupon payment on the 12% bonds due 2012.

President Rafael Correa had long asserted that in his view the debt was sold illegally.

On the news, the remaining bonds due 2015 were seen at higher by 3 points at 49 bid, 50 offered.

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