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Shale Driller Stuns Bondholders as Argentina Runs Out of Dollars


Shale Driller Stuns Bondholders as Argentina Runs Out of Dollars
Scott Squires and Jonathan Gilbert, Bloomberg News
BC-Shale-Driller-Stuns-Bondholders-as-Argentina-Runs-Out-of-Dollars
, Scott Squires and Jonathan Gilbert
(Bloomberg) In the 99 years since it was founded to pump the oil fields of Patagonia, Argentine energy driller YPF SA has been whipsawed by countless booms and busts. If global oil markets weren’t collapsing, it seemed, then Argentina was mired in a debt crisis that was wreaking havoc on the whole nation’s finances.
Never, though, had the company been pushed into a large-scale default of any kind. Until, it would appear, now. Word of this came in an odd way: Officials at state-run YPF sent a press release in the dead of night laying out a plan to saddle creditors with losses in a debt exchange. ....

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