Argentina’s Top Creditors to Submit New Debt Proposals

Argentina’s largest creditors sent Alberto Fernandez’s government new counteroffers in an effort to reach a $65 billion restructuring deal in the coming week, according to people familiar with the matter.

A bondholder group that includesBlackRock Inc.,Ashmore Group Plc andFidelity Investments submitted one of the proposals late Friday, while two other groups — the Argentina Creditor Committee and the Exchange Bondholder Group — presented a joint plan, said the people, who could not be named because the talks are private.

Economy Minister Martin Guzman had signaledpotential progress earlier in the afternoon on a call with the Council on Foreign Relations.

“We know creditors have been working hard on this in getting together to make an alternative proposal,” he said. “We want to listen, we want to see what the alternative ideas we can take in order to reach a deal that works for everyone.”

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It remains to be seen how the Argentine government will react to the latest creditor suggestions. The new counteroffers call for better terms for bondholders than the government’s initial proposal, according to the people. There’s little time to waste: The country could officially fall into default on May 22, when about $500 million of interest payments come due.

A spokesman for the Economy Ministry declined to comment.

— With assistance by Patrick Gillespie

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