Creditors seek debt pact with Argentina

A major Argentina creditor group said yesterday it was committed to its own restructuring proposal, and it had been invited to sign a non-disclosure agreement by Argentina’s government, which defaulted on about $500 million (Sh53 billion) in bond payments a day earlier.

The Exchange Bondholder Group, which is comprised of 18 investment institutions and represents 15 per cent of Argentina’s exchange bonds, said in a statement that its counter-proposal submitted on May 15 provides “significant debt relief to Argentina and beyond doubt provides a sustainable debt structure for Argentina in respect of Exchange Bonds.”