Ecuador’s Petroamazonas asked bondholders on Tuesday to accept deferred interest payments and delay the maturity date of its 2020 bonds for almost a year as the coronavirus pandemic and low oil prices ravage the local economy.
As part of the proposal, the state-owned oil company will make the next regularly-scheduled interest payment on April 6, but not pay interest after that until September 6. It will also lower the September interest payment by $0.50 for every $1,000 in principal, Petroamazonas said in a statement.
The company asked bondholders to delay the maturity date by almost a year to December 2021 and divide the remaining $175 million in outstanding principal payments into 12 monthly installments, it said.
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