Three bondholder groups told Reuters that the Argentine Creditors Committee (ACC), one of the top three groups of bondholders, was shocked by the announcements of the US funds Gramercy, Fintech y Oaktree, than they indicated that they were willing to make individual agreements.
The ACC has proposed a deal in which bondholders would effectively receive 55/56 cents on their securities, but signs that the trio and perhaps one or two more members could accept a lower offer created a rift within of the group.
The negotiations have been extended several times in an effort to reach an agreement, although the other two main groups of creditors, “Ad Hoc” and “Exchange”, complained this week of a lack of “significant commitment” by Argentina Since last month.
“There is a division in our committee,” one of the bondholders belonging to the ACC told Reuters.
In recent weeks, between US $ 10 and US $ 15 million has been accrued daily on Argentina’s defaulted bonds, according to creditors.
“This is a bad precedent for other restructurings,” said the aforementioned bondholder as “they are trying to use these proposals coercively.”