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- Sep 30, 2011
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Argentina urged a U.S. appeals court to uphold an order allowing it to pay its outstanding restructured debt and issue new bonds after a group of investors challenged the decision following an historic $4.65 billion settlement.
The South American country’s filing Monday in federal appeals court in Manhattan was made in response to an appeal by investors holding defaulted Argentine bonds -- including four hedge funds that reached the settlement in February -- seeking to stop the debt payments. Argentina said the lower court’s ruling is critical to moving forward on the deal.
“As the court found, now that the republic has returned to the bargaining table to negotiate in good faith with the plaintiffs, the injunctions are not only unnecessary but affirmatively counterproductive and inequitable,” Argentina’s lawyers said in the filing. “The continued force of the injunctions precludes Argentina from accessing the global capital markets to raise funds needed to complete the settlements.”
On March 14, Paul Singer’s Elliott Management, Aurelius Capital Management, Bracebridge Capital and Davidson Kempner argued that U.S. District Judge Thomas Griesa in Manhattan was too quick to drop injunctions blocking Argentina from the debt market and made legal errors in doing so.
Argentina Urges Appeals Court to Let It Pay Restructured Debt
It's all about the hedge funds.
The South American country’s filing Monday in federal appeals court in Manhattan was made in response to an appeal by investors holding defaulted Argentine bonds -- including four hedge funds that reached the settlement in February -- seeking to stop the debt payments. Argentina said the lower court’s ruling is critical to moving forward on the deal.
“As the court found, now that the republic has returned to the bargaining table to negotiate in good faith with the plaintiffs, the injunctions are not only unnecessary but affirmatively counterproductive and inequitable,” Argentina’s lawyers said in the filing. “The continued force of the injunctions precludes Argentina from accessing the global capital markets to raise funds needed to complete the settlements.”
On March 14, Paul Singer’s Elliott Management, Aurelius Capital Management, Bracebridge Capital and Davidson Kempner argued that U.S. District Judge Thomas Griesa in Manhattan was too quick to drop injunctions blocking Argentina from the debt market and made legal errors in doing so.
Argentina Urges Appeals Court to Let It Pay Restructured Debt
It's all about the hedge funds.
