Metrogas extends debt restructuring offer

Argentine natural gas distributor Metrogas (NYSE: MGS) has extended a debt restructuring offer in the form of an out-of-court settlement known as an "acuerdo preventivo extrajudicial" (APE), the company said in statement to the Buenos Aires stock exchange Thursday. The offer now expires at 5:00pm EST on December 22 instead of on December 10, the statement said. The offer applies to holders of the company's series A debentures at due 2003, series B debentures due 2002, series C debentures due 2004 and existing company debt holders for a total sum of about US$93.6mn, the statement said. Metrogas suspended payments on all its debt in March 2002 after defaulting on a US$1.8mn coupon payment on US$130mn of floating rate notes the month before.