Buenos Aires Province Delays Restructuring

Argentina’s largest province says it has had to postpone its plan to restructure $2.9 billion in defaulted bonds for two months. Hernán Lorenzino, the province’s under secretary of finance, says the offer was to go ahead in July, but may only take place in September. The provincial government failed to win approval time from regulators in Italy, Luxembourg and Germany as well as Argentina in. Lorenzino says Buenos Aires could not meet documentation deadlines for the offer, in which holders of defaulted bonds are to receive about 30 cents on the dollar. Citigroup is leading the deal.