HPDA reaches deal to restructure US$268mn debt
Bnamericas Published: Thursday, June 10, 2004
Argentine hydroelectric generator Hidroeléctrica Piedra del Aguila (HPDA) has reached an agreement with its creditors to restructure US$268mn of its debt. The company received acceptance of its exchange offer from holders of US$246.3mn of the debt, or 92% of the total amount outstanding, on Tuesday (June 8), HPDA said in a statement to the Buenos Aires stock market. The exchange offer expired on June 8 at 5pm New York time, and the agent for the offer was the Bank of New York. Under Argentine bankruptcy protection law, the company required the acceptance of creditors holding at least two thirds of the outstanding debt. HPDA will now present its proposal to obtain legal approval and then apply the new terms to all its creditors, newspaper Invertia reported. HPDA is a subsidiary of French energy company Total.
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