Ecuador said 98.5% of bondholders agreed to exchange the nation’s overseas debt for new notes, completing the restructuring of $17.4 billion in bonds.
“The enormous and notable work by Ecuador’s technical team will allow us to keep international financing open and focus on restarting the economy,” Finance Minister Richard Martinez said in a statement.
The bond exchange was conditioned on completion of a $6.5 billion funding agreement with the International Monetary Fund, which was announced on Aug. 28. Bondholders not participating in the exchange will receive $270 million in bonds due 2040.
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