Creditors Committee of Buenos Aires urges to enter into “substantive negotiations” to reach debt agreement

FILE PHOTO: A pair of cows graze on a farm in Luján, in the province of Buenos Aires, Argentina, August 2, 2019. REUTERS / Agustin Marcarian (AGUSTIN MARCARIAN /)

BUENOS AIRES (Reuters) – A group of creditors from Argentina’s Buenos Aires province urged district authorities to enter into “substantive negotiations” to reach an agreement on the restructuring of its debt, according to a statement released on Thursday.

The group, which represents 42% of bondholders seeking to restructure Buenos Aires, said Thursday the grace period for the payment of interest due on May 1 expires.

“In the absence of a consensual restructuring, its failure would further aggravate the financial situation of the province of Buenos Aires and economic uncertainty,” the group said in the statement.

The provincial government extended the deadline to renegotiate the restructuring of its debt for $ 7.15 billion until May 26 after its offer was rejected by creditors.

(Report by Eliana Raszewski and Cassandra Garrison

Written by Argentina News

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