Argentina’s CGC plots exchange, Fitch expects default

Oil rig offshore fossil fuels from Adobe 230x150
By Oliver West
10 Aug 2020

Argentine oil and gas company Compañía General de Combustibles (CGC) is looking to tackle a looming bond maturity with an exchange offer, following the example of YPF and Telecom Argentina.

Although the proposed swap of existing 2021s for 2025s does not imply a significant financial loss for bondholders, Fitch warned that it would classify the deal as a default as the exchange would involve amending the documentation of the old bonds in a way that would lead to ...

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