Neuquén creditors turn down improved restructuring offer

Province of Neuquen, Argentina, restructuring, volcano, Lanin, 575
By Oliver West
22 Oct 2020

A group of Neuquén’s bondholders swiftly rejected an improved debt restructuring offer this week, saying any reduction in interest payments on the Argentine province’s senior secured bonds cannot be justified.

In August, Neuquén launched a consent solicitation for its two international bonds: $366m of unsecured 2025s and $338.2m of 2028s that are secured by oil and gas royalties. Creditor groups of both notes quickly rejected the offers, which reduced interest payments sharply and pushed out ...

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