Ecuador Bondholders Make Counter Offer In $17.4 Billion Debt Revamp

Two groups of Ecuador bondholders have proposed revised restructuring terms to the government as it seeks to strike a deal to renegotiate $17.4 billion in debt, Reuters reported. The government’s proposal already has the backing of one group of creditors, holding around half of the bonds and including AllianceBernstein, Ashmore and BlackRock. Yet a steering committee including Amundi, Contrarian Capital Management, Grantham Mayo Van Otterloo & Co, and T Rowe Price Associates, representing a group of more than 25 institutional investors and an ad hoc group of holders of notes due in 2024, have said the terms must be improved. They have holdings of more than 25% in certain series of the bonds and more than 35% in others, the committee, advised by BroadSpan Capital and UBS, said in a statement on Monday. Read more