Holders of Ecuador 2024 Notes Form Ad Hoc Group to Advocate for Creditor Rights and Further Constructive Engagement

NEW YORK, June 8, 2020 /PRNewswire/ -- An ad hoc group of holders of Ecuador notes due in 2024 (the "Ecuador 2024 Noteholder Group") announced today that it has organized and retained Quinn Emanuel Urquhart & Sullivan LLP for the purposes of advocating for the rights and interests of holders of Ecuador 2024 notes.  Ecuador 2024 Notes are governed by an indenture dated June 20, 2014, the material terms of which are unique in Ecuador's capital structure and distinguish Ecuador 2024 Notes from Ecuador's other external indebtedness. 

On April 17, 2020, Ecuador solicited creditors' agreement for three months to defer making US$811 million in interest payments on nine bonds maturing between 2022 and 2030.  The payments were postponed until August 2020.  Ecuador's engagement with its creditors to this point has been constructive and mutually beneficial, as demonstrated by the fact that its request to postpone payments by three months received broad creditor support.  The Ecuador 2024 Noteholder Group hopes to maintain the constructive tone of that dialogue.  

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Prosek Partners
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212-279-3115