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YPF Creditors Split on Latest Debt Offer as Deadline Looms

  • Clifford Chance group says it wants more cash up front in swap
  • Another group approved of YPF’s latest changes, supports offer
Updated on

Creditors of Argentina’s state-run oil company, YPF SA, are sending mixed signals as one group of bondholders rejected the company’s latest debt restructuring plan while another voiced support.

The YPF Ad Hoc Bondholder Group, which says it holds 45% of YPF’s bonds maturing in March, said it wouldn’t tender its bonds in the company’s $6.2 billion debt swap, according to an emailed statement from Clifford Chance LLP, one of the group’s legal advisers. A second committee of creditors, led by law firms Dechert LLP and DLA Piper, said it supported the company’s latest amendments to its debt offer, which expires Friday at 11:59 pm in New York. This second group says it holds 25% of YPF’s debt across the company’s seven bonds, according to a separate statement.