Disir
Platinum Member
- Sep 30, 2011
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Argentina's largest oil company is poised to avoid defaulting on $6.2bn of debt after YPF reached an agreement with its most combative creditors on Sunday, according to two people close to the negotiations, in a last-minute reprieve for the country’s struggling energy sector. Private creditors including Fidelity, Ashmore and BlackRock — which are still smarting from Argentina’s sovereign debt restructuring last year — had rejected YPF’s initial restructuring offers. However, after a weekend of intense negotiations following YPF’s failure to secure sufficient acceptance of its restructuring offer by Friday’s deadline, a person close to the company confirmed on Sunday night that enough investors holding YPF’s bond maturing in 2021 had agreed to roll over a critical $413m interest payment due on March 23.
www.ft.com
Over 50 one on one conversations. FFS.
Argentina’s largest oil group swerves $6.2bn debt default
State-controlled YPF reaches agreement with creditors in fillip for country’s energy sector
www.ft.com
Over 50 one on one conversations. FFS.
