NEW YORK/LONDON — A group of Argentina's creditors has contacted the Institute of International Finance and other global bodies for support to amend legal clauses in its sovereign bond restructuring, a spokesman for the organisation said. Buenos Aires is trying to clinch a deal to restructure around $65 billion in foreign debt by Tuesday, though it is likely to push that deadline back after bondholders grouped behind a counter-proposal, causing an impasse in talks. Specific details of what creditors are seeking the support of the organisations on was unclear. But collective action clauses (CACs), which determine the requirements for any future changes made to the bond agreements, are a key issue in the negotiations. The bondholders, including BlackRock, Ashmore and Fidelity Management and Research, also made informal contact with the International Monetary Fund, U.S. Treasury and the International Capital Market Association, a creditor source told Reuters.

Source: International New York Times August 02, 2020 15:22 UTC