Argentina’s senate has cleared legislation to allow payment to a group of holdout creditors that refused to restructure defaulted debt. A planned $12.5bn debt issue is another a key step towards re-entering international capital markets. President Mauricio Macri made ending long-running litigation with the holdout creditors a priority. Argentina’s Vaca Muerta shale is among the world’s leading unconventional formations, but most oil companies have been reluctant to invest because of above-ground risks and costs.
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