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Buenos Aires bondholder group split on breakthrough debt deal, source says

·1 min read

LONDON, July 21 (Reuters) - Argentina's Province of Buenos Aires had pursued "a non-consensual transaction" in coming to an agreement with key bondholder GoldenTree Asset Management, a source familiar with thinking of a main creditor committee said on Wednesday.

"The province has better financial metrics than almost any other province, yet the deal that is being presented by the province and GoldenTree provides much lower recoveries for creditors," the source said on condition of anonymity.

Buenos Aires province announced earlier it had struck a breakthrough deal in long-running talks with key creditors to restructure $7 billion of its international debt, which would allow it to formally amend its current offer and "move forward towards the completion of the debt restructuring process."

"Only one other fund joined them (GoldenTree), whereas seven other funds who are in the committee objected to the deal and were not part of it," the source added. (Reporting by Karin Strohecker)