Argentina said Tuesday it had reached a deal with three creditor groups to restructure $65 billion in debt, aiming to revive the economy and climb out of a default.
In May, the country fell into its ninth sovereign default. The economy ministry said in a statement it would adjust some payment dates and legal clauses to sweeten its proposal made in July.
“Today we have reached an agreement that will allow members of the creditor groups and such other holders to support Argentina’s debt restructuring proposal and grant Argentina significant debt relief”, the ministry said.
The groups include the Ad Hoc Group, Argentina Creditor Committee and the Exchange Bondholder Group.
Under the deal, the government said it would adjust some payment dates for the new bonds set out in the offer sent to creditors in July.
The government said it would adjust certain aspects of the collective action clauses (CACs), which determine how future changes can be made to bond agreements. Payment dates on the new bonds will be January 9 and July 9, instead of March 4 and September 4. The new bonds will begin amortizing in January 2025 and mature in July 2029.
