Overview

• Assemblies on October 15 approved the out-of-court restructuring with support from 86% of creditors representing 98% of eligible debt.
• The plan, filed under Argentina’s Acuerdo Preventivo Extrajudicial framework, defers principal until the tenth year after judicial ratification.
• IMPSA said it will submit the creditor-backed agreement to the Mendoza insolvency court for homologation in the coming days.
• Multilateral lenders including the IDB, IDB Invest, Export Development Canada and CAF were among the creditors backing the deal.
• Management and controlling investor Industrial Acquisitions Fund LLC describe the approval as the basis for reviving nuclear components, port cranes and hydropower business in international markets.