NEW YORK, May 28, 2020 /PRNewswire/ -- The Ad Hoc Bondholder Group, represented by White & Case LLP, and the Exchange Bondholder Group have jointly submitted a proposal to Argentina that supports the country with front-loaded cash flow relief in excess of $36 billion over nine years. The joint proposal is supported by Argentina's largest creditor constituencies, and is on more favourable terms for Argentina than the prior proposals submitted by the Ad Hoc Bondholder Group and Exchange Bondholder Group.
The joint proposal has been specifically designed in good faith to meet the macro-fiscal objectives expressed by the Government, and represents a considered and responsible initiative by international asset managers who have invested in Argentina on behalf of millions of savers around the world. The groups are balancing a fiduciary obligation to make decisions in the best interest of these savers, while at the same time recognising the difficult circumstances facing the Argentine government, including in responding to the challenges posed by COVID-19.
The Ad Hoc Bondholder Group encourages the Argentine government to seize this opportunity. We are confident the joint proposal provides the basis for a collaborative solution that will both serve the interest of the Argentine people and help to restore the trust of the international financial community.
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SOURCE White and Case LLP