(Adds quote from provincial government statement)

BUENOS AIRES, May 25 (Reuters) – Argentina’s Buenos Aires Province extended the deadline for its bond restructuring negotiations until June 5, according to a statement by the provincial government on Monday, pushing back a previous deadline that had been set for May 26.

“This new extension reflects the good faith talks that are taking place with bondholders who have not yet accepted the proposal,” the statement said.

“The Province of Buenos Aires has extended the period to submit orders to exchange eligible bonds for new bonds until June 5,” it said.

Ratings agency S&P Global on Friday cut Buenos Aires’s credit rating to “SD” from “CC” after the Argentine province missed the deadline for about a $110 million bond payment.

The payments on dollar and euro bonds had been due on May 14 after a grace period was triggered at the start of the month when the initial payment date was missed.

The province needs approval by holders of more than 75% of the debt to move forward with its restructuring proposal. The provincial debt crunch hits as the country’s central government also wrangles with its creditors to hammer out a restructuring deal on about $65 billion in sovereign bonds.

A top Argentine creditor group said on Saturday it had been invited to sign a non-disclosure deal by the central government, signaling that talks could be moving to the next phase after the country defaulted on its sovereign paper a day earlier. (Reporting by Nicolas Misculin and Hugh Bronstein, Editing by Franklin Paul and Grant McCool)

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