July 8, 2020 / 8:19 PM / a month ago

Argentina creditor groups knock back debt offer, say it's "step in right direction"

LONDON/BUENOS AIRES, July 8 (Reuters) - Argentina’s major Ad Hoc and Exchange creditor groups said on Wednesday that they could not accept the country’s latest debt restructuring offer, but that it was a step in the right direction and were willing to find a way to break the impasse.

In a joint statement that said that the amended offer, unveiled on Sunday and which the government had said was their final one, “falls short of a proposal that can be supported by Argentina’s most significant creditors.”

“While we do not accept Argentina’s latest proposal, encouragingly it does provide a basis for constructive engagement,” said the two groups, which hold around $21 billion of the nearly $65 billion debt being restructured. (Reporting by Karin Strohecker and Adam Jourdan)

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