Some of Argentina’s largest creditors presented a new debt proposal to the government over the weekend as the two sides edge closer to a $65 billion restructuring deal, according to people familiar with the matter.
The Ad Hoc Bondholder Group and Exchange Bondholder Group submitted an offer in which they agreed to accept losses on a net-present value basis of about 44% to 46%, said the people, who requested anonymity because the talks are private. They also reiterated the need for a sweetener tied to Argentina’s gross domestic product as calculated by the International Monetary Fund.
