Argentina: Deadline Extended

Argentina: Deadline Extended

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Argentina: Deadline Extended

June 1, 2010

Argentina extended its bid to restructure $18.3 billion in defaulted debt held out of a 2005 settlement, Bloomberg reported June 1. The swap was originally due to close June 7; it will now be open until June 22, and possibly later, Argentine Finance Secretary Hernan Lorenzino said May 31. In Italy, banks and regulators said they were overwhelmed with individual investors trying to turn in securities, Argentine Economy Minister Amado Boudou said. Institutional creditors holding 46 percent in eligible debt, or about $8.5 billion, have participated in the swap. Boudou said the results had been in line with the government’s expectations and it seeks at least 60 percent participation in the swap.

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