Orrick represented the Steering Members of the Argentina Creditor Committee (ACC) on reaching an agreement in principle between the Republic of Argentina and its supporting creditors, which include the ACC. The terms agreed are part of the restructuring of $65 billion of foreign currency bonds of Latin America’s third largest economy. The ACC was focused in the negotiations on providing the Republic with the debt relief needed to allow Argentina’s economy to absorb the near-term challenges from the COVID-19 pandemic while Argentina continues to engage in the economic reforms necessary to resume economic growth.
Orrick’s Of Counsel Thomas Laryea, who represented the ACC states, “Every Argentina debt restructuring over the last decades has raised some challenging legal and financial issues and this one was no exception. With the restructuring of the bulk of the Republic debt close to resolution, this will pave the way for the pending restructuring of the debt of the Argentina Provinces and the inevitable refinancings and restructurings in the Argentine corporate sector.”