YPF Gets Creditor Support in Debt Exchange to Avoid Default
- Ad Hoc creditor group says it supports latest changes to offer
- Bonds jumped at the open to highest level in a month
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YPF SA, Argentina’s state-run oil driller and refiner, looks set to avoid a costly default next month after it won support for a debt swap from a large creditor group.
The so-called Ad Hoc Bondholder Group, which holds 45% of YPF’s 2021 notes, expressed support for the exchange after the company increased its cash sweetener over the weekend, according to a statement.