(Bloomberg) -- Bonds in the Province of Buenos Aires tumbled Wednesday after a group of creditors said it would be unlikely for them to back a proposal to delay a $250 million payment by today’s deadline.

The bonds due 2021 dropped 4 cents to trade as low as 52.9 cents on the dollar. Sovereign debt followed suit, with the century bond due 2117 declining 1.2 cents to 44 cents.

The creditor group abstained from making a recommendation on a provincial plan to push a Jan. 26 payment to May 1. They did note however that it was made in “a truncated time frame, without the benefit of a formal bondholder identification process, and in the absence of a comprehensive plan for the Province’s debt,” according to a statement sent after hours Tuesday.

Holders of at least 75% of the bond’s principal must voice their support for the plan by 5 p.m. CET (11 a.m. ET) for it to win approval.

Buenos Aires Governor Axel Kicillof surprised investors Jan. 14 by proposing the delay, which doesn’t include a sweetener, after the federal government said it wouldn’t offer the province a bailout. Kicillof is strongly aligned with the ruling administration and his treatment of creditors is seen as indicative of what investors can expect from President Alberto Fernandez as he seeks debt relief for the country.

The statement added that the committee was willing to enter good faith negotiations with the province “on the basis of a sound and comprehensive economic plan.” The province has said it was asking for the time line extension so creditors could participate in wider talks led by the national government.

“I think we shall wait for the official results, that would be prudent,” said Marcelo Delmar, one of the financial advisers for the bondholder group, by phone. “In such a short time frame, with a bond scattered among many investors, and in the absence of a comprehensive plan, it is challenging to obtain the necessary consents.”

(Updates with bond price action and chart)

--With assistance from Scott Squires.

To contact the reporters on this story: Carolina Millan in Buenos Aires at cmillanronch@bloomberg.net;Ben Bartenstein in New York at bbartenstei3@bloomberg.net

To contact the editors responsible for this story: Walter Brandimarte at wbrandimarte@bloomberg.net, Robert Jameson, Philip Sanders

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