Corporate Debt Restructuring Masterclass

18 July 2022 (Mon), 5pm Singapore/HK time

Argentinian energy company YPF warned of default as a creditor group rejected improved terms to its restructuring proposal for its bonds worth $6.2bn, calling it an unbalanced solution. Negotiations will extend closer to the February 12 deadline. YPF affirmed in a press release on Tuesday night that it had taken note of the unwillingness of a group of bondholders to accept the offer of swapping their 8.5% 2021s for cash and new 2026s. As per the third round of amendments, YPF increased the amount of cash paid for swapping a bond maturing this March for new 2026s. The set of investors owning more than 45% of YPF bonds maturing in March did not support the proposal to swap. This was despite YPF improving the offer for the third time on February 1. YPF responded that investors should participate in the deal “with a view to contributing to the preservation of their investments”, suggesting that this was the best it could offer. YPF’s 8.5% 2021s were down 0.5 to 92.3.

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