Argentina’s Buenos Aires Province extends debt revamp deadline to July 31

Argentine one hundred peso bills are displayed in this picture illustration

Argentina’s Buenos Aires province has extended the deadline for debt restructuring talks with its creditors to July 31, the government said in a statement on Sunday.

Argentina’s largest province is negotiating with bondholders on the restructuring of $7.148 billion in debt.

“Talks with the main creditors that have not yet accepted the proposal are ongoing and in the coming weeks it is anticipated that progress will be made,” the statement said.

“The province will continue making all efforts within its reach to find a solution that preserves the sustainability of the debt,” it said.

On June 4 the provincial government extended its previous debt restructuring deadline until June 19.

Ratings agency S&P Global Ratings on June 17 cut its rating on Buenos Aires’ global bond due in 2027 to “D” from “CC”, after the province missed a $68.9 million interest payment. S&P said it did not expect the payment even in the 30-day grace period.

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