Buenos Aires Province In Talks With Creditors to Delay Payment

Buenos Aires province has started talks with some creditors as officials seek their blessing on a plan to delay a $250 million payment due this month, Bloomberg News reported. Discussions have taken place with more than 10 groups or individual funds that own the overseas notes due in 2021, according to a provincial official who asked not to be identified. The idea is that pushing back the payment will avoid a hard default and allow the province, the federal government and creditors more time to come up with a comprehensive restructuring plan. The province’s announcement Tuesday that “limited financial resources” means it needs to push back the principal payment to May 1 from Jan. 26 surprised some traders who had expected the federal government to offer a bailout. Read more