Río Negro finds support for sweeter restructuring offer but Argentina woes pressuring provinces

Argentina, San Carlos de Bariloche, Rio Negro, LatAm, Patagonia, 575
By Oliver West
02 Dec 2020

The Argentine Province of Río Negro on Tuesday launched a consent solicitation that has already earned the support of more than half of bondholders after it improved an initial restructuring offer. But analysts warned that Argentina’s deteriorating economy was forcing provinces to be less aggressive in renegotiating their obligations.

Río Negro is asking holders of its only international bond, a $300m 2025 note with a 7.75% coupon, to push out the maturity to 2028 and accept a reduction in coupon payments. According to the launch statement, a bondholder committee led by VR Advisory Services and holding more ...

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