Ecuador bondholder group expresses support for restructuring offer

Chicago, July 20 – The ad hoc group of Ecuador bondholders announced support for the restructuring terms in the republic’s consent and exchange offer announced on Monday, according to a news release.

The group collectively holds in excess of 53% of Ecuador’s total outstanding bonds, including in excess of 50% in nearly every individual series covered by the offers.

The members of the ad hoc group believe that “successful completion of the transactions contemplated by the invitation will make a substantial contribution to ensuring the sustainability of Ecuador's external debt in the medium term, paving the way for the country to achieve strong, sustainable, and inclusive economic growth.”

The institution holders include funds managed or advised by AllianceBernstein, Ashmore Investment Management Ltd., Ashmore Investment Advisors Ltd., BlackRock Financial Management, Inc. and its affiliates, BlueBay Asset Management LLP and Wellington Management Co. LLP.

The ad hoc group is advised by White & Case LLP.

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