sensationelles Urteil des Court of Appeals in New York // Argy muss alte Bonds (ausgeurteilt ?) pari passu mit neuen Umschuldungsbonds bedienen !!!!!

sensationelles Urteil des Court of Appeals in New York // Argy muss alte Bonds (ausgeurteilt ?) pari passu mit neuen Umschuldungsbonds bedienen !!!!!

(BN) Argentina Loses U.S. Appeal of Ruling on Defaulted Bonds (1
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 BN 10/26 14:16 *ARGENTINA CAN'T DISCRIMINATE AGAINST PLAINTIFFS' BONDS  BN 10/26 14:15 *U.S. APPEALS COURT UPHOLDS RULING AGAINST ARGENTINA OVER BONDS


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Argentina Loses U.S. Appeal of Ruling on Defaulted Bonds (1)
2012-10-26 14:45:34.995 GMT


     (Updates with ruling in second paragraph.)

By Bob Van Voris
     Oct. 26 (Bloomberg) -- Argentina lost a bid to reverse lower-court rulings that may help creditors including Elliott Management Corp.’s NML Capital Fund collect on $1.4 billion in defaulted bonds.
     The U.S. Appeals Court in New York ruled today that Argentina, which defaulted on $80 billion in foreign debt in 2001, can’t discriminate against holders of the defaulted bonds in favor of holders of the country’s restructured sovereign debt. A three-judge panel upheld orders issued by U.S. District Judge Thomas Griesa in Manhattan.
     Argentina claimed that upholding Griesa’s rulings would undermine its debt agreements, trigger a new financial crisis in the republic and make it impossible for countries including Greece and Spain to restructure their debt in the future.
     The appeals court sent the case back to Griesa’s court to clarify how a payment formula set by the judge is intended to work and to determine how the orders apply to intermediary banks and other third parties.
     The case is NML Capital Ltd. v. Republic of Argentina, 12-00105, U.S. Court of Appeals for the Second Circuit (Manhattan).

For Related News and Information:
Legal headlines: TLAW
Bloomberg legal resources: BLAW

--With assistance from Drew Benson in New York. Editors: Stephen Farr, Fred Strasser

To contact the reporter on this story:
Bob Van Voris in New York at +1-212-617-4171 or rvanvoris@bloomberg.net

To contact the editor responsible for this story:
Michael Hytha at +1-415-617-7137 or
mhytha@bloomberg.net