Telecom creditors make debt offer

25 Aug 2004

Creditors representing 94.4% of the debt owed to Telecom Argentina have apparently agreed to proceed with its out-of-court restructuring offer (known as an APE) for USD2.484 billion of debt, according to Business News Americas. Telecom agreed to adjust the amount owed by a factor of 1.058, meaning it has received consent from creditors representing USD2.48 billion in total. The APE will convert that amount into new notes worth USD1.72 billion, with a further USD563 million to be paid off in cash.