Argentina, Holdouts Plan to Submit Debt Proposals This Month
- Finance Secretary Caputo: Meeting was `definitely satisfying'
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Argentina will submit a proposal to settle a decade-long legal battle with holders of defaulted bonds from 2001 later this month, according to the Finance Ministry.
Finance Secretary Luis Caputo met for five hours Wednesday with representatives of the holdout creditors in New York for the first time since President Mauricio Macri took office last month. The proposal will be submitted to court-appointed mediator Daniel Pollack during the week starting Jan. 25 and will address principal holdout creditors as well as “me-too” bondholders, who have also won rulings on defaulted debt, he said. The creditors, who rejected the terms of two debt restructurings that imposed losses of 70 percent, are expected to submit their own proposal at the same time, the ministry said in a statement.