Telecom begins debt restructuring

22 Jun 2004

Telecom Argentina will begin the out-of-court restructuring of USD2.7 billion of its USD3.3 billion debt today, after creditors responsible for more than two-thirds of its borrowings agreed to the plan. The operator is offering three options: USD500 million in new notes maturing in 2014; USD1.3 billion in new notes maturing in 2011; or a cash payment equivalent to between 740 and 850 for every 1,058 units of debt held. Telecom has applied to issue new notes worth USD1.73 billion through the US Securities and Exchange Commission and may yet issue more new notes via other authorities. The offer will run until 21 July.



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