LatinNews Daily - 24 July 2020

* The Argentine province of Mendoza has extended to 7 August its offer to restructure some US$590m of debt issued under international law and held by private creditors, according to a communiqué reportedly sent to the Buenos Aires stock exchange. The initial offer was tabled on 5 June and improved on 6 July, however as of 20 July it had reached only 49.6% adhesion, according to Mendoza province, prompting the extension from the initial 27 July deadline. The bonds, the dollar-denominated ‘PMY24’ with a 2024 maturity, were downgraded to ‘D’ (Default) on 22 June by FIX, an affiliate of international ratings agency Fitch Ratings, after Mendoza province failed to make a repayment of US$24.7m. Mendoza province’s debt restructuring efforts come in the midst of the federal government’s own efforts to renegotiate dollar-denominated debt held by international creditors worth over US$66bn.

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