Ecuador pushed forward with its debt overhaul plans on Monday, requesting a vote among its creditors on reconfiguring the terms of $17.4 billion of its external bonds, with its largest group of creditors backing the proposal, Reuters reported. Under the proposed deal - unchanged from the government’s earlier proposal - 10 existing bonds maturing between 2022 and 2030 would be swapped for three bonds due in 2030, 2035 and 2040, as well as a past due interest bond maturing in 2030.

Argentina’s three largest creditor groups joined forces to submit a new bond restructuring proposal that would provide the country more than $35 billion in debt relief over the next nine years, Bloomberg News reported. The Ad Hoc group, the Exchange Bondholder group and the Argentina Creditor Committee, which represent investors including BlackRock Inc. and Ashmore Group PLC, said that they had agreed to form a negotiating bloc and reject the government’s latest offer.

The Group of 20 leading economies this weekend may have to consider expanding help for the world’s poorest countries, three months after agreeing to provide temporary debt relief, as the coronavirus pandemic continues to ravage nations, Bloomberg News reported. Central bankers and finance ministers from the G-20 will hold a virtual meeting on Saturday to discuss and coordinate phased efforts to spur a global economic recovery. Looking beyond just debt relief efforts would be part of that.

Argentina’s government sent a bill to Congress late on Thursday night laying out its plans to restructure public debt in dollars issued under local law, offering creditors new instruments in both foreign currency and pesos, Reuters reported. The process to revamp the local-law debt is running in parallel to tense negotiations with international creditors to restructure $65 billion of the nation’s foreign-law bonds, with a deadline for creditors to accept a “final” offer on Aug. 4.

Alberto Fernández, Argentina’s president, has made an impassioned appeal for the world to accept that — with an economy devastated by coronavirus — he cannot budge from his final offer to restructure $65bn of foreign debt, the Financial Times reported. Weighed down by $323bn of borrowing, Argentina was already in a deep recession before the pandemic and in May the South American country defaulted for the ninth time in its history — although no creditors have attempted to sue it yet.

Ecuador is coming under pressure to sweeten its $17.4bn debt restructuring after some bondholders balked at the terms of the deal it presented earlier this month, the Financial Times reported. The country — one of the poorest in Latin America — said in March that it would be unable to repay all its debts as it deals with the fallout of Covid-19 and a collapse in oil prices. Earlier this month, the government announced a provisional agreement to cut and stretch out repayments, with the backing of the holders of around half of its bonds, including heavyweights Ashmore and BlackRock.

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.

The International Chamber of Commerce, a global trade union and civil society groups urged the Group of 20 major economies to extend and expand a freeze in debt service payments to help not just the poorest, but also middle-income countries, weather the coronavirus pandemic and its economic fallout, the International New York Times reported on a Reuters story. The ICC, International Trade Union Confederation, and Global Citizen, a group pushing to end extreme poverty by 2030, also called on G20 finance ministers, who will meet online on July 18, to take additional st

LATAM Airlines, the largest airline group in Latin America, said today that it had secured an additional $1.3 billion for its financing proposal before a New York bankruptcy court, while adding its unit in Brazil to the debt restructuring process, Reuters reported. LATAM filed for U.S. bankruptcy protection in May, aiming to reorder $18 billion in debt. It was the world’s largest airline to date to seek an emergency reorganization due to the coronavirus pandemic. Today it said it had secured an additional $1.3 billion in funding from Oaktree Capital Management L.P.

Argentina’s bondholders shouldn’t expect any more improvements or changes to the country’s debt restructuring proposal, Economy Minister Martin Guzman said, according to a Bloomberg News report. The government sees no room for further modifications on an amended offer released Sunday night, part of Argentina’s bid to restructure $65 billion of debt. The proposal gives bondholders about $13 billion more than its initial plan announced in April. “Clearly not,” Guzman said Wednesday, responding to a question about modifying the deal in any way.