NEW YORK -- Citibank said the reconciliation is substantially complete on the floating-rate government bonds and past-due interest payments that form part of the Argentina government's commercial bank financing package.

The Citicorp unit, which is acting as closing agent, said about 85% of the $8.7 billion in interest arrears to foreign banks has been reconciled and will be disbursed to creditors on Oct. 29. Of the total, $770 million will be in cash and the balance will be in floating-rate bonds.

Additional amounts will be released Dec. 16., Citibank said.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.