Argentina’s Province of Buenos Aires says it received creditor support to restructure 98% of its $7.1 billion in overseas debt, putting it a step closer to ending a 16-month default, Bloomberg News reported. The province, which is Argentina’s largest and most populous, will swap all of the bonds it had offered to exchange except for dollar-denominated notes due 2021 and euro-denominated bonds due 2020, which had been issued under indentures that required a higher amount of creditor participation, according to a statement. The deal is expected to settle Sept. 3. The results cap Argentina’s most recent round of debt restructurings, after nearly every province reached deals with bondholders over the past 12 months and the national government restructured its own $65 billion in securities a year ago. The exchange, which was designed to dissuade creditors from holding out, also marks a success for Buenos Aires Governor Axel Kicillof, known for butting heads with investors as Argentina’s economy minister during its 2014 restructuring. Read more.