BUENOS AIRES (.) – A group of Argentine creditors said on Saturday that it was committed to its own restructuring proposal, and that it had been invited to sign a confidentiality agreement by the South American country, which defaulted on the payment of some 500 million of dollars in interest the day before.

The Exchange Bondholder Group, which is made up of 18 investment funds, said in a statement that its offer submitted on May 15 provides “significant debt relief to Argentina and, without a doubt, provides a sustainable debt structure for Argentina”.

The Argentine government is analyzing the counter offers of the main groups of creditors after its proposal to restructure around $ 65 billion in foreign debt was rejected.

The country failed to reach an agreement before the May 22 deadline, when the interest grace period of $ 500 million ended that the country did not pay and led to its ninth default.

The group also said that Argentina invited its representatives and other groups of creditors to sign a confidentiality agreement to “enter into negotiations with the Ministry of Economy on the restructuring of Argentina’s debt.”

A spokesman for the economy ministry did not immediately respond to a request for comment.

Although Argentina did not meet the deadline for Friday’s payment, a source close to the negotiations and familiar with the government’s position told . on Friday that the talks had “remarkable” progress and that an agreement is possible in “a matter of days”.

Economy Minister Martín Guzmán said the talks were on a positive course despite a “significant gap” in reaching an agreement with creditors.

Another creditor group said Friday that while the negotiations were ongoing, more commitment was needed from Argentina. A third group said it opposed Argentina’s decision to default on its international bonds, although it remained committed to seeking a successful restructuring deal.

Todd Martínez, director of Latin American sovereigns at Fitch Ratings in New York, warned that progress toward a resolution could be more challenging the longer the talks continue after Argentina’s default.

“If it is a default with no signs of progress towards a resolution, it could increase uncertainties and have some destabilizing effects, but these could be minimal if recent progress towards an agreement continues,” Martinez said.

(Report by Cassandra Garrison, with additional report by Rodrigo Campos. Edited in Spanish by Eliana Raszewski)