Last-ditch bid to derail Ecuador restructuring finds limited sympathy
Ecuador on Thursday afternoon agreed to delay the deadline of its bond restructuring offering by one business day after two funds began legal actions against it. But a US court hearing on Thursday morning was not promising for the litigious investors, and markets believe there is still a high chance of the deal going through.
Bondholders initially had until 5pm Central European time on July 31 to participate in a consent solicitation that would permit Ecuador to restructure $17.4bn of international bonds and provide crucial payment relief to the crisis-hit country.
The deadline is now 5pm on August 3.“There’s a second hearing on Friday ...