July 3, 2020 / 3:00 PM / a month ago

Argentina bondholder group offer includes Pac-Man defence

LONDON, July 3 (Reuters) - One of Argentina’s main creditor groups, the Argentina Creditor Committee, confirmed on Friday it had tabled a new offer to the country’s government as part of ongoing debt renegotiations.

The new offer, which Reuters revealed had been tabled on Thursday, will provide the government with $39 billion of cashflow relief over the next 8 years the ACC said, and includes a requirement that two-thirds of bonds must participate in any deal.

Debt specialists see the participation threshold as an important step. If the government did not accept it they say it could signal an intention to adopt a so-called ‘Pac-Man’ strategy’ where the government tries to get investors to deal with it at a time.

“The ACC continues to believe that the best way forward is a consensual resolution,” the group said in a statement.

Reporting by Marc Jones; editing by Carolyn Cohn

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