YPf chairman to step down

摘要

Argentinian state-controlled YPF’s chairman, Guillermo Nielsen, is leaving his post amid ferce investor criticism of a proposed $6.2bn debt restructuring that was much more aggressive than had been expected. The frm since has amended the ofering to include higher interest rates and stronger guarantees. A key concern over the ofer was the postponement of principal and interest payments for two years in an efort to free up cash for upstream investment-but this has been dropped. Like most frms in Argentina, YPF is unable to tap international capital markets for fnancing.