TGN Reaches 73% Creditor Acceptance

Argentina’s Transportadora de Gas del Norte (TGN) has secured the backing of 72.6% of its creditors for the company’s restructuring proposal, it says. The gas distributor launched September 8 an improved offer to restructure $347m in debt, after a previous offer brought only 12% support. It is offering new 2016 bonds paying 6.50% rising to 8.50% over the life of the notes, or a cash payout of 40 cents on the dollar for up to $40m. Argentine gas regulators intervened in the management of TGN following a December default, and October 2 extended the intervention another 60 days. Barclays is advising TGN.