Argentina’s creditors have approached several international organizations to seek endorsement for a proposal to change the rules that govern some of the country’s overseas securities, according to people familiar with the matter, Bloomberg News reported. The International Monetary Fund, the U.S. Treasury, the International Capital Market Association and the Institute of International Finance are among the organizations that have been informally approached by bondholders, said the people, who asked not to be identified discussing a private matter.

Argentina economy minister Martin Guzman emphasized on Thursday that the country’s proposal to creditors to restructure around $65 billion in foreign debt was the maximum effort it could make, and hinted the deadline for a deal could be extended, Reuters reported The South American nation is racing to clinch a deal to avoid a messy and protracted legal standoff with creditors after it slipped into default for the ninth time in May. The deadline for a deal set by the government is currently Aug. 4.

Argentina’s government is considering pushing back a deadline for creditors to respond to its foreign debt restructuring proposal until mid-to-late August, a source close to the negotiations told Reuters on Wednesday, Reuters reported. The cutoff for the $65 billion deal is currently Aug. 4, though the two sides are at an impasse over the value and legal terms of the final offer, with a large group of creditors rallying behind a counter proposal.

Argentina will seek a new program with the International Monetary Fund whatever the outcome of talks with holders of its $65 billion of defaulted overseas bonds, Economy minister Martin Guzman said, Bloomberg News reported. Guzman also reiterated that the country has reached the upper limit in what it’s prepared to offer creditors, though said the government would consider improving the legal terms of the offer.

Argentina’s main bondholder groups say they now represent more than 50% of the country’s overseas debt, potentially strengthening their bargaining power at a crucial time in the country’s bond restructuring, Bloomberg News reported. A group of creditors seeking to extract better terms from the government in its $65 billion debt restructuring says they have added large funds to their bloc, according to people with direct knowledge of the matter.

Argentina has lost an attempt to halt a lawsuit in English courts brought by four hedge funds which say the country has manipulated economic data to avert payments in connection with growth-linked sovereign debt instruments, Reuters reported. Asset managers Palladian Partners L.P., HBK Master Fund L.P, Hirsh Group LLC and Virtual Emerald International Limited said they are owed from 525 million-645 million euros in payments linked to the GDP warrants designed to pay out to investors if a number of growth criteria targets are met or exceeded.

Argentina’s three largest creditor groups joined forces to submit a new bond restructuring proposal that would provide the country more than $35 billion in debt relief over the next nine years, Bloomberg News reported. The Ad Hoc group, the Exchange Bondholder group and the Argentina Creditor Committee, which represent investors including BlackRock Inc. and Ashmore Group PLC, said that they had agreed to form a negotiating bloc and reject the government’s latest offer.

Argentina’s government sent a bill to Congress late on Thursday night laying out its plans to restructure public debt in dollars issued under local law, offering creditors new instruments in both foreign currency and pesos, Reuters reported. The process to revamp the local-law debt is running in parallel to tense negotiations with international creditors to restructure $65 billion of the nation’s foreign-law bonds, with a deadline for creditors to accept a “final” offer on Aug. 4.

Alberto Fernández, Argentina’s president, has made an impassioned appeal for the world to accept that — with an economy devastated by coronavirus — he cannot budge from his final offer to restructure $65bn of foreign debt, the Financial Times reported. Weighed down by $323bn of borrowing, Argentina was already in a deep recession before the pandemic and in May the South American country defaulted for the ninth time in its history — although no creditors have attempted to sue it yet.

Argentina’s bondholders shouldn’t expect any more improvements or changes to the country’s debt restructuring proposal, Economy Minister Martin Guzman said, according to a Bloomberg News report. The government sees no room for further modifications on an amended offer released Sunday night, part of Argentina’s bid to restructure $65 billion of debt. The proposal gives bondholders about $13 billion more than its initial plan announced in April. “Clearly not,” Guzman said Wednesday, responding to a question about modifying the deal in any way.