Bondholder groups reject Ecuador’s restructuring offer- Latin Finance
Three groups of bondholders have responded to a proposed bond swap from Ecuador with two groups rejecting it and one expressing support, according to separate statements on Monday.
A group of 25 institutional investors, including Amundi, Contrarian Capital Management, Grantham Mayo Van Otterloo (GMO) and T Rowe Price, dismissed the offer, saying “the terms… do not represent Ecuador’s best effort to reach an equitable restructuring with a majority of bondholders or its ability to implement social development goal principles to build a sustainable future.”
The group stuck by the counteroffer it presented on July 16, which it claimed was more balanced and conformed to Ecuador’s payment capacity.
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