Argentina officially presents debt restructure offer to SEC

BUENOS AIRES, Aug 18 (AFP): Recession-hit Argentina on Monday officially presented its offer to the US Securities and Exchange Commission (SEC) to restructure a $66 billion debt under foreign legislation, the government said.
It follows the passing of a law on Sunday officially approving the deal reached two weeks ago with three major creditor groups following months of strained negotiations and several missed deadlines.
The deal reached on August 4 is worth 54.8 cents on the dollar, a significant increase on Argentina's original offer of 39 cents.
According to the documents presented to the SEC, Argentina has "extended the invitation deadline" for the accession agreement to August 28 from August 24.
"The Republic encourages all investors to consider the revised terms and conditions of the Invitation and join the Republic to create a sustainable path for the recovery of the Argentine economy," said the economy ministry in a statement.
Argentina has already secured the support of the Ad Hoc, Argentina Creditor Committee and Exchange Bondholder groups, as well as other significant bond holders.
Last month those three main creditor groups claimed to represent "60 per cent of the exchange bonds and 51 per cent of the global bonds in circulation."