Bondholders snub sweetened restructuring offer from Neuquén

A group of creditors have rejected an improved o!er by Neuquén to restructure $328 million in 8.625% 2028 bonds, saying that the Argentine province can pay more. On October 19, Neuquén, Argentina’s most productive province for oil and gas, improved its offer for restructuring the 2028 bonds in a bid to reach a deal by October 30. It included increasing the interest rate on the new bonds and paying a cash sweetener. The Ad-Hoc Committee of Secured Bondholders of the Province of Neuquén said its institutional investors hold about 38% of the 2028 notes, meaning that they have the power to block a deal.