NEW YORK, May 18, 2020 /PRNewswire/ -- The Ad Hoc Bondholder Group, advised by White & Case LLP, has grown to include international money managers which collectively hold approximately $16.7 billion - or over 25% - of Argentina's international bonds, including approximately 16% of the bonds issued under Argentina's 2005 indenture and approximately 32% of the bonds issued under Argentina's 2016 indenture. The institutions in the Group operate as fiduciaries for millions of people around the world such as teachers, nurses, firemen, factory workers and retirees and are entrusted to invest their long-term savings on their behalf. This brings an enormous responsibility that these institutions take very seriously.
On May 15, the Group submitted to the Government of Argentina a set of indicative restructuring terms that would provide the country with substantial, immediate cash flow relief and remain consistent with the macro-fiscal trajectory articulated by the Government. The Group is confident that a transaction based on such indicative terms would command the broad support of Argentina's private creditors and does in fact have the support of several significant institutions outside of the Group. The Group is committed in good faith to find a responsible and sustainable solution to Argentina's current financial difficulties and is hopeful that a mutually acceptable solution can be reached with the Government of Argentina that meets the country's short-term goals while preserving value for bondholders whose future support will be critical to building a more prosperous Argentina.
CONTACT: Erin Hershkowitz, +1-646-885-2200, erin.hershkowitz@whitecase.com
