Market Overview

Ad-Hoc Secured Bondholder Committee Confirms its Support for the Proposed Restructuring of the Province of Neuquén Outstanding 8.625% Secured Notes due 2028 Announced on November 16, 2020


NEW YORK, Nov. 16, 2020 /PRNewswire/ -- As a result of constructive engagement between the Province of Neuquén (the "Province") and the Ad-Hoc Committee of Secured Bondholders of the Province (the "Committee"), the Committee is pleased to announce that an agreement has been reached to amend the currently outstanding consent solicitation for the Province's 8.625% Secured Notes due 2028 (the "TICADE Securities"). The agreement will grant the Province relief by way of a reprofiling of the current amortization schedule and a corresponding reduction in near term payments. The proposed relief will help Neuquén navigate the challenges it faces due to the impact of the COVID-19 pandemic and the fall in international oil prices. The Committee is supportive and intends to vote in favor of the proposed amendments announced by the Province on the date hereof.  The proposed amendments strike an appropriate balance between the Province's near-term cash needs and the existing seniority of the secured TICADE Securities.  As the proposed amendments to the TICADE Securities only take effect at the Province's receipt of valid consents from 75% of the TICADE Securities, the Committee hopes other holders will also support this debt reprofiling and the associated relief.

Our group comprises institutional investors with significant investments in Argentina. As such, we have pursued a consensual restructuring that offers the Province an opportunity to forge a sustainable path towards a stronger economic future and inclusive growth in the post-COVID-19 world. Moreover, the agreement has resulted in a revised payment schedule reflecting the underlying cash flows of the collateral trust, resulting in a mutually beneficial outcome for both investors and the Province.

The Committee holds in the aggregate over 38% of the TICADE Securities and its participants include, but are not limited to Amundi Asset Management, Contrarian Capital Management, L.L.C. and Franklin Templeton Investment Management Limited.

The Committee is advised by Latham & Watkins LLP.

Holders of the TICADE Securities wishing to receive further information about the Committee are encouraged to contact Chris Clark at Latham & Watkins LLP (

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SOURCE Neuquén Ad-Hoc Secured Bondholder Committee

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