Ecuador Extends $17.4 Billion Debt Restructuring to Aug 3

Ecuador will extend the deadline for creditors to vote on its $17.4 billion debt restructuring plan to Monday following a lawsuit by a small group of bondholders, the finance ministry said on Thursday, Reuters reported. The South American nation originally said the vote would end on Friday, but pushed the deadline back at the request of the U.S. Court for the Southern District of New York following a suit by investment funds Contrarian Capital Management and GMO. “In an act of good faith, Ecuador agreed to extend by 24 business hours, the closing of the vote,” the ministry said in a statement. “The voting process is ongoing and continues positively, with a high probability of reaching the necessary consent, according to preliminary reports.” Read more

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