The Province of Jujuy informs regarding its intention to commence consultations with bondholders

JUJUY, Argentina, Dec. 23, 2020 /PRNewswire/ -- The government of the Province of Jujuy (the "Province") notifies that, as a Province of Argentina, it has faced, and continues to face, unprecedented fiscal and economic challenges. The Province's economy has been significantly affected by the decline in Argentina's financial and economic results and performance over the past two years, which has had a direct effect on the Province's economy, and has resulted in a substantial decline in both federal and provincial fiscal revenues. In addition, the ongoing COVID-19 pandemic, as well as the implementation of measures designed to control its spread both within Argentina and globally, has contributed further to the decline in the Province's fiscal results, resulting in the Province's revenues being insufficient to cover its expenditures related to essential services and programs. These factors have put stress on the Province's ability to honor its financial commitments, including its bonds due 2022.

In light of the above, the Province has retained financial and legal advisors and intends to initiate consultations with its bondholders with a view to establishing measures that contribute to the sustainability of its financial commitments.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. The bonds have not been, and will not be, registered under the United States Securities Act of 1933 or any state securities laws.

Inquiries regarding this press release should be addressed to the Minister of Finance of the Province (e-mail: [email protected]).

SOURCE Province of Jujuy