BUENOS AIRES, Argentina-Telecom Personal, the largest cellular operator in Argentina and Paraguay, announced it has US$45 million in cash to pay its creditors, which will agree to accept a lowering by 50 percent to 56.5 percent of the debt, which has been in default since last year. This offer forms part of the integral financial restructuring plan set in motion by the Telecom Group Argentina, which has offered a total of US$305 million to pay off around 20 percent of the total company debt, which currently sits at US$3.2 billion.
The proposal was presented before the Buenos Aires, New York and Milan stock exchanges. Those interested in accepting the proposal have until May 16 to make their offers in exchange for taking on the debt. The company has also put down US$100 million to make interest payments, which have not been repaid since the company entered into default.
Both plans are exclusively financed with funds from their own accounts, which the company maintained as a result of the 2002 exercise, without which the majority shareholders-France T
