Bondholder group for Argentina's Buenos Aires province says retains legal counsel
The Ad Hoc Group of Bondholders, which represents more than 40 institutions holding more than 49% of the province’s external debt, said in a statement that its new legal counsel and an investment management firm would evaluate “all available options” to progress the restructuring.
A spokesman for the province was not immediately available to respond to a request for comment.
Buenos Aires province has extended the deadline for restructuring talks several times, even as the national government restructured almost $110 billion in foreign currency bonds. Bondholders rejected an earlier debt offer by the province.
“The province has now extended the acceptance deadline for its unilateral offer multiple times, despite the consistent message from bondholders that the offer does not accurately reflect the province’s repayment capacity and is therefore not the basis for a consensual solution,” the bondholders’ statement said.
“There is no basis for thinking that further extensions of this failed offer can lead to a positive outcome.”
The bondholders group said it was still “ready and willing” to engage in good faith negotiations with the province.