Juan Manuel Barca
08/30/2021 12:06
Clarín.com
Economy
Updated 08/30/2021 12:07
After almost a year and a half of negotiations and 20 extensions
, Axel Kicillof announced on Monday the exit from the default of the Province after reaching
an agreement with the creditors for the debt of US $ 7.148 billion
under foreign law.
The latest offer from the Buenos Aires government included important improvements,
which allowed 98% of the bondholders to adhere.
"98% of all creditors entered the exchange,
which means a practically universal acceptance,"
said Kicillof, together with his Minister of Finance and Finance, Pablo López, announcing the understanding from the Golden Room of the Government House in La Plata.
The measure was communicated after
the deadline for acceptance of the amendment
offered by the Province three weeks ago
expired last Friday
.
"It is a very positive result that allows us to recover the conditions to have a sustainable debt in the province of Buenos Aires.
We are going to have financial relief of more than US $ 4.6 billion between this year
and 2027, that allows us to generate and have space to generate investment in infrastructure, "said López.
With that level of adherence, the Province will reach the minimum thresholds required by the prospects of the bonds to be restructured and will avoid the risk of lawsuits in the courts of New York or London.
As in the restructuring promoted by Martín Guzmán, acceptance will reach 100% because the majority decision on the disagreeing funds will be imposed.
Developing
YN
Look also
The market in pre-election mode: is there more scope for a rally of stocks and bonds?
Kicillof substantially improved the offer to bondholders and today announces the exit from default
