Argentina will extend the deadline for its proposed bond restructuring beyond Aug. 24 and plans to submit its amended offer to U.S. securities regulators next week, a source with direct knowledge of the situation told Reuters.
People are pictured outside a bank in Buenos Aires' financial district, Argentina October 18, 2018. Picture taken October 18, 2018. REUTERS/Marcos Brindicci
“The decree will not be finalized today, but early next week,” said the source, who is familiar with the government’s thinking and asked not to be named as the process is confidential.“The next working day is Tuesday. The 10-day period will be met and in no case will the extension of the offer period go beyond August,” the source said, adding that last-minute “mechanical work” remained to be done on the decree before the offer can be presented to the SEC.
The country’s main population centers are on lockdown amid the novel coronavirus pandemic, further complicating the economic outlook. The virus has claimed 5,428 lives in the country so far.
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