William R. Rhodes, a vice chairman of Citicorp, said Thursday he was "delighted" that the last big hurdle has been cleared in the negotiations to restructure $23 billion in bank debt owed by Argentina.

Argentina announced this week it had received firm indications that the necessary financing for the plan was available and said the deal would be signed early next month.

Mr. Rhodes, a key negotiator of the pact, said in a statement he was "delighted" that most of Argentina's lenders agreed to receive discounted bonds for 35% of the amount owed.

Originally, few lenders indicated they would accept the bonds, which require less collateral and are therefore preferred by Argentina.

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