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Wednesday, November 28, 2012

Restructured Argentine Bond Holders Seek Emergency Stay

Per www.globalinsolvency.com:

Holders of Argentina’s restructured bonds asked for an emergency stay to block orders by U.S. District Judge Thomas Griesa that prevent the country from paying interest on the debt next month without paying $1.3 billion to owners of defaulted notes, Bloomberg reported. Holders of the restructured debt asked the federal appeals court in New York to enter an emergency stay while they appeal Griesa’s rulings, claiming that concern about whether Argentina will default is causing the value of their bonds to drop, according to court papers provided by ASC Advisors, which handles public relations for their lawyers. The papers couldn’t be immediately confirmed with the court. Argentina is scheduled to make more than $3 billion in payments on the restructured bonds in December, lawyers told Griesa in a hearing this month. He ruled Nov. 21 that Argentina must pay the money it owes the so-called holdouts, led by a unit of billionaire hedge fund manager Paul Singer’s Elliott Management Corp., into an escrow fund while it appeals. The country has until Dec. 15 to comply.

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