Law for the Restructuring of Argentine Public Debt Governed by Foreign Law Passed
The law providing for the restructuring of the public debt issued under foreign law was enacted by the Argentine Congress and entered into force.
On February 12, 2020, Law No. 27,544 for the Restoration of the Sustainability of the Public Debt issued under Foreign Law was published in the Official Gazette. The new law grants the Ministry of Economy the powers to implement the external public debt restructuring, and was approved in the same terms provided by the bill submitted by the Argentine Executive. Please see our article Bill for External Public Debt Restructuring published in Marval News for more details.
The Argentine Congress passed the new law after a fast legislative process. The original bill was approved by the House of Representatives on January 29, 2020 and was delivered to the Senate with only one amendment: the title of the law was changed for “Restoration of the sustainability of the public debt issued by foreign law”, whereas in the original bill the title was “Restoration of the sustainability of the external public debt”. The Senate approved the bill on February 5, 2020.
The Ministry of Economy will now proceed to provide the terms and conditions of the offer and implement the necessary steps towards the restructuring. The Ministry of Economy is carrying out the steps provided in the published recently timeline. For more information, please see our article Timeline for Public Debt Restructuring.
This insight is a brief comment on legal news in Argentina; it does not purport to be an exhaustive analysis or to provide legal advice.