NEW YORK, May 15, 2020 /PRNewswire/ -- The Argentina Creditor Committee, Fintech Advisory and Gramercy Funds Management (together the "Bondholder Group" or "BG") confirm that they have today submitted a counterproposal to Argentina.
The counterproposal provides a comprehensive approach to restructuring all bonds issued under the 2016 Indenture. The counterproposal respects both the principles articulated by the BG as well as the current economic conditions in Argentina, and its terms offer Argentina substantial cash-flow relief by a combination of interest holiday, decreases in coupon payments and deferral of amortization payments. The counterproposal was submitted concurrently with a proposal from the Argentina Exchange Bondholder Group for the restructuring of Argentina's Global Bonds issued under its 2005 indenture.
The coordinated counterproposals represent a good faith effort by these groups to provide a coherent basis for an overall expeditious restructuring of the entirety of Argentina's foreign law bonds and a long-term sustainable debt profile for Argentina.
SOURCE Gramercy Funds Management LLC