BlackRock, Ashmore Form Ecuador Creditor Group as Swaps Pay Out

Ashmore Group Plc and BlackRock Inc. are joining together to present a united front for restructuring talks in yet another emerging market. The money managers, which are already collaborating in Argentina and Lebanon, also plan to work together in negotiations with Ecuador, according to people with direct knowledge of the matter, Bloomberg News reported. A team at White & Case LLP, including veteran restructuring specialist Ian Clark, will act as legal advisers, the people said, who requested anonymity because the talks are private. A separate group led by UBS Group AG and Broadspan Capital LLC is also recruiting mutual funds and hedge funds that hold Ecuador bonds, they said. The talks with Ecuador could prove challenging as the South American nation grapples with a unique set of problems. Read more