Argentina’s government on Sunday officially unveiled its amended bond restructuring offer in the state gazette and said creditors would have until August 28 to approve it.
It follows the issuing on Saturday night of an official decree approving a second round of amendments to the government’s initial offer made back in April, an important step to clinch a deal.
On Sunday, the government said in the official gazette that the invitation would expire at 5pm New York City time on Aug. 28, confirming an anticipated delay to its earlier deadline of Aug. 24 to give bondholders a 10-day window after the formal SEC filing. In the statement on Saturday night, the government said the formalized offer aimed to “bring public finances into balance, give certainty to the private sector and provide the country with a new platform for growth”.
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.
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