Argentina’s Creditors Join Forces to Demand Better Terms

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. The statement from the creditor groups suggests they’ll act as a united front in negotiations over $65 billion of defaulted overseas bonds, but the move may also pave the way for a deal by allowing government officials to work with just one entity that holds a sizable chunk of its debt. Read more