Argentine bondholders offer deal to holdout creditors -report
BUENOS AIRES |
Nov 7 (Reuters) - A group of Argentine bondholders will offer creditors suing for the repayment of defaulted sovereign debt
a private deal to get them to abandon their litigation, said the state-run Telam news agency.
a private deal to get them to abandon their litigation, said the state-run Telam news agency.
The move is being driven by investment funds from the U.S. and Europe, largely from the Bondholder Exchange Group, Telam reported on Wednesday night, citing unnamed sources.
funds from the U.S. and Europe, largely from the Bondholder Exchange Group, Telam reported on Wednesday night, citing unnamed sources.
They propose to exchange bonds where payments have been frozen for other paper that Argentina normally honors, with better conditions than the country has already offered. The offer will be formalized next week, Telam said.
The Bondholder Exchange Group, led by emerging markets investment specialist fund Gramercy, has supported Argentina in its long court battle in the United States against holdout creditors seeking to recover full payment from the bonds that the South American country stopped honoring after its 2002 financial crisis and default.
The Argentine Economy Ministry could not immediately be reached for comment.
(Reporting by Alejandro Lifschitz, Writing by Rosalba O'Brien)
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