Banking & Capital Markets – Sovereign Debt & Public Sector Finance Bankruptcy & Debt Restructure
The City of Córdoba (the “City”) successfully concluded the process of restructuring of its debt issued under foreign legislation for a total amount of US$150 million of its 7.875% notes due 2024 (the “Securities”). The City obtained the valid consent from holders of 83.79% of the Securities, thus exceeding the 75% threshold of the outstanding principal amount required to amend the terms and conditions of the Securities. As a result, it was possible to achieve a significant reduction of the interest rate, alleviate the payment of the upcoming interest services, and obtain a more feasible amortization term for the Securities.
Bruchou, Fernández Madero & Lombardi assisted the solicitation agent, through the team led by partner: Perelsztein, Alejandro , together with the participation of associates Barros Moss, Juan and Reyes, Josefina.