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After months of negotiations, Argentina reached a deal with its creditors. Cleary Gottlieb and Shearman & Sterling advised. Here capital Buenos Aires. (Photo: City of Buenos Aires).

Andrés de la Cruz and Nicolas Grabar, Cleary Gottlieb and Antonia Stolper and Manuel Orillac, Shearman & Sterling. (Latinvex collage)

Thursday, September 10, 2020

Legal Briefs

Cleary, Shearman Advise on Argentina Restructuring

Cleary Gottlieb also advised dealer manager of Ecuador restructuring.

BY LATINVEX STAFF

Cleary Gottlieb and Shearman & Sterling advised on the $63.4 billion restructuring of debt by Argentina.

In total, holders of 93.4% of the of the aggregate principal amount outstanding of all 25 series of eligible bonds (of which 8 had been issued under the 2005 Indenture and 17 had been issued under the 2016 Indenture and had maturity dates as early as October 2020) accepted Argentina’s invitation to exchange their eligible bonds for new bonds to be issued by Argentina (with maturities ranging from 2029 to 2046).