NEW YORK, July 20, 2020 /PRNewswire/ -- The Ad Hoc Argentine Bondholder Group, the Argentina Creditor Committee, and Exchange Bondholder Group, who collectively hold more than a third of Argentina's outstanding Global bonds and more than a third of its outstanding Exchange bonds, are pleased to announce that we have joined together to submit a new proposal to the Argentine government which commands the support of all of the creditor groups. The joint proposal represents significant economic and legal concessions from all three groups, including that the new bonds issued in exchange for existing Global bonds will be governed by an amended version of the 2016 indenture.
We believe our improved proposal will: i) provide the short-term relief Argentina urgently requires, ii) deliver a sustainable long-term solution that secures the country's future and its access to international capital markets, and iii) provide the necessary legal framework to encourage the further investment needed to put the country on a path to sustained recovery.
Concurrent with the submission of the revised proposal, members of our three groups have also signed a cooperation agreement reaffirming that Argentina's current offer falls short of a proposal that can be supported by the creditor groups. Pursuant to the cooperation agreement, members of Argentina's creditor groups will not tender their bond holdings into Argentina's proposed exchange offer.
We are confident that a consensual resolution is in sight and that such an agreement will provide a path towards a sustainable economic future for Argentina's people.
The Ad Hoc Argentine Bondholder Group is advised by White & Case LLP.
Ad Hoc Argentine Bondholder Media Contacts
SOURCE White and Case LLP