Argentine incumbent fixed line operator Telecom Argentina has paid off USD352 million as part of a loan extended in 2005, Reuters reports. The amount was the last tranche of a USD1.9 billion loan which formed part of the company’s agreement with its creditors following the country’s economic crisis of 2001/2002, and has been repaid five years ahead of the payment plan. According to TeleGeography’s GlobalComms database, Telecom Argentina froze its debt repayments in April 2002, and in so doing committed the largest default on corporate debt (USD3.18 billion) in the nation’s history. In June 2004 the telco secured an agreement with creditors for an out-of-court restructuring offer, which included an overall 10% reduction in the value of the debt. Under the terms of the agreement, Telecom issued USD46 million new Series A loans, USD367 million Series B loans and made cash payments to creditors totalling USD165 million. The go-ahead was received from the government in May 2005, and the programme was completed that August. The debts were again restructured in December 2005, with the creation of a new global programme for the remaining USD381 million outstanding.