May 20, 2020 / 5:47 PM / 3 months ago

BlackRock willing to lower ask on Argentine restructuring counter to 50-55 cents - source

LONDON, May 20 (Reuters) - BlackRock Inc is willing to drop the ask in a debt restructuring proposal to the Argentine government to between 50-55 cents on the dollar and had made the suggestion to its creditor committee, a source familiar with the group’s discussions said.

The recovery rate, which would be across all of the bonds involved in the $65 billion debt restructuring, compares to around 59 cents in the committee’s original counteroffer, the person said, asking not to be named as the talks are private.

The person said that other members of the group were now considering the suggestion and that the asset manager anticipated having a response later on Wednesday.

Reporting by Karin Strohecker; Writing by Adam Jourdan; Editing by Lisa Shumaker

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