NEW YORK, May 23, 2020 /PRNewswire/ -- The Ad Hoc Group of Argentina Exchange Bondholders (the "Exchange Bondholder Group") today issued the following statement:
The Republic of Argentina has invited certain representatives of the Exchange Bondholder Group to sign a non-disclosure agreement in contemplation of engaging in negotiations with the Ministry of Economy regarding Argentina's debt restructuring. It is understood that representatives of certain other creditor groups have also been asked to sign non-disclosure agreements for the same purpose.
Contrary to comments from unnamed sources in the Argentine media, the Exchange Bondholder Group remains committed to the comprehensive restructuring proposal it submitted to Argentina on May 15, 2020 and has made available on the Group's website. A detailed explanation of the Exchange Bondholder Group counterproposal can also be found on its website. This proposal provides significant debt relief to Argentina and beyond doubt provides a sustainable debt structure for Argentina in respect of Exchange Bonds, and represents a good faith compromise while protecting key rights of Exchange Bondholders under the 2005 Indenture.
Please visit The Exchange Bondholder Group's site, argentinaexchangebondholders.com for additional important information related to Argentina's restructuring and the Group's proposal. You can also follow us on twitter at @Argexchangebond.
The Exchange Bondholder Group is comprised of 18 investment institutions and collectively holds over 15% of the outstanding Exchange Bonds issued by Argentina under its 2005 indenture and 2010 indenture supplement. Exchange Bonds were issued to investors who participated in the 2005 and 2010 debt exchanges, through which bondholders voluntarily accepted large reductions in net present value to assist Argentina's recovery from the 2001 default.
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SOURCE The Ad Hoc Group of Argentina Exchange Bondholders