April 27 (Bloomberg) -- Argentina will spell out terms by June of the bonds it plans to exchange for $99.4 billion of defaulted debt, the government's most specific restructuring proposal since it stopped paying its obligations in late 2001.

The government will present the plan to the U.S. Securities and Exchange commission as well as Argentine regulators, Economy Ministry spokesman Armando Torres said in an interview. The agencies may take about three months to approve the plan, he said.

Argentina is facing dozens of lawsuits from bondholders challenging its restructuring offer to swap old bonds for new securities worth $250 per $1,000 face value of defaulted debt. Investors want the government to meet more often to show a willingness to negotiate terms of the new bonds, said Horacio Vazquez, treasurer of the Argentine Bondholders' Association.

``There is a confusion about the meaning of good faith negotiations,'' said Vazquez, whose group represents more than 7,000 Argentine investors. ``It means more than simply than telling us what they plan to do.''

Argentina has pledged to accelerate talks with creditors to meet terms of a $13.3 billion International Monetary Fund loan agreement, the country's main source of outside financing.

Argentina's most-traded defaulted bond fell 0.55 cent on the dollar to 31.50 as of 5:16 p.m. in New York, according to J.P. Morgan Chase & Co. It has climbed from a low this year of 25 cents on February 5.

UBS AG, Merrill Lynch & Co., Barclays Plc are advising the government on its restructuring talks. Torres said the banks will meet with groups of bondholders this week to discuss the debt offer. He declined to specify where or when the meetings will be held.

To contact the reporter on this story: Daniel Helft in Buenos Aires dhelft@bloomberg.net.

Last Updated: April 27, 2004 17:17 EDT