Ecopetrol Bondholder Meetings Fail to Reach Quorum for Merger Vote

The meeting for the 2010 issuance, managed by Alianza Valores Fiduciaria S.A., failed to verify any quorum at 2:00 p.m. local time. The session for the 2013 issuance, overseen by Itaú Fiduciaria Colombia S.A., saw a participation of 15.33% of the outstanding principal amount at 3:30 p.m., falling significantly short of regulatory requirements.

Under Colombian Decree 2555 of 2010, approving the merger requires a numerical majority of present bondholders and at least 80% of the relevant outstanding principal. Because these conditions were not met, Ecopetrol must now issue a new call for meetings in a national newspaper. The company plans to release further details regarding the second-call dates in the coming days.