Argentina has extended the deadline for companies to restructure debt in dollars due until December 31, according to an online statement from the Central Bank.
The Central Bank of the Argentine Republic, known as BCRA, said Thursday that it will extend its deadline for companies to swap their dollar-denominated debt until December 31, according to a statement on its website.
The institution indicated that it would be more "flexible," so that companies can successfully restructure their obligations. The new rules say that companies must restructure debt when monthly maturities reach US$2 million or more. Previously, Argentine companies had to restructure monthly maturities of US$1 million or more.
BCRA also said that companies that have already restructured under the previous rules would be exempted.
The rules, originally imposed in September, say that companies that restructure up to 60 percent of their bonds could access the foreign exchange market to pay the rest. The rules prompted YPF, the state oil company, to recently restructure its own US$6.2-billion debt.
In January, the Central Bank said it would allow companies to access the foreign exchange market for up to 45 days before the payment date to make principal and interest payments.
by Scott Squires & Ignacio Olivera Doll, Bloomberg