TGN Extends Once Again

Argentina’s Transportadora de Gas del Norte (TGN) has pushed out the deadline for investors to participate in a debt restructuring offer to August 25, it says, from a previous deadline of today. The gas distributor is still negotiating with creditors, including a block holding more than 55% of the outstanding debt. TGN had offered investors the option to exchange some $347m in 2012 bonds for new 2021 notes paying 2%-6%, or receive cash at a 75% discount to face value. TGN defaulted on a $22m debt payment in December, leading the government to intervene in the company.