Metrogas Shareholders Mull Next Steps

Argentina’s Metrogas will hold a shareholder meeting December 16 to “consider its next steps,” it says. A default or restructuring of its $225m debt has been expected as the utility’s financial metrics weaken due to increasing operating and financial costs. The company has for years been trying to get regulators to raise tariffs. “Metrogas’ problem is not one of too much debt but one of upcoming debt maturities,” Barclays says in a report. The shop notes the easiest solution would be continue interest payments while it reaches out to creditors.