Province of Rio Negro Ad Hoc Group announces support for debt re-profiling

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NEW YORK, Dec. 1, 2020 /PRNewswire/ -- The Ad Hoc Group of Bondholders (the "Ad Hoc Group") of the Province of Rio Negro (the "Province") announces its support for the consent solicitation launched by the Province to effect certain amendments (the "Amendments") to its 7.75% Notes due 2025 (the "Notes").

The Amendments are the product of good-faith negotiations between the Province and its bondholders and are consistent with the Basic Principles for restructuring of Argentine provincial debt published by the Coalition of Argentine Provincial Bondholders.  The Amendments provide the Province with appropriate debt relief in the form of coupon reductions and maturity re-profiling to assist in navigating the challenges of the Covid-19 pandemic.

The Ad Hoc Group notes and appreciates the responsible approach with which the Province conducted negotiations with its bondholders and urges the Province to use the opportunity afforded by debt re-profiling to enact and maintain policies sufficient to ensure robust debt sustainability over the medium- and long-term. 

The Ad Hoc Group, comprised of institutional investors led by VR Advisory Services Ltd, holds, in the aggregate, in excess of 50% of the outstanding Notes. 

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SOURCE Coalition of Argentine Provincial Bondholders