Argentina formalizes new debt offer to creditors

ARGENTINA. View of 9 de Julio Avenue backgrounded by the Obelisk during the lockdown imposed by the government against the spread of the new coronavirus, in Buenos Aires, on May 22, 2020. Photo by Juan Mabromata/AFP

BUENOS AIRES, Argentina – Argentina on Tuesday, July 7, formalized a new offer to creditors by presenting its proposal to the United States Securities and Exchange Commission as President Alberto Fernandez's government looks toCreditors have until an August 4 deadline set by the government to agree to the restructure plan – an exchange offer to bondholders under foreign law.

The new offer is worth 53.5 cents on the dollar, a significant improvement on Argentina's original starting position of 39 cents, which was rejected.Fernandez said that Argentina"has maintained a position open to dialogue and considering various proposals" put forward by creditors. The center-left leader stressed that the South American country had"evaluated and considered" creditors' points of view and"deeply analyzed their suggestions, within the confines of restoring debt sustainability."

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