"The work carried out made it possible to reach consensus on adjustments to model contractual framework adopted by the international community aimed at facilitating the creation of the will that forms the basis of any successful restructuring," it said.
The government did not give a new deadline for creditors to accept its offer, though it is likely to have to push the current Aug 24 cut-off to give bondholders a 10-day window after the formal SEC filing. With an already weak economy further punished by the coronavirus, the government wants to avoid the kind of messy sovereign bond default that punctuated a crisis in 2001 that tossed millions of middle class Argentines into poverty.
After the bond revamp is done, Argentina will start talks with the International Monetary Fund toward a new programme to replace a defunct US$57 billion standby lending deal negotiated by the previous administration two years ago.For daily updates on weekdays and specially selected content for the weekend. Subscribe to
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