Debt Coverage:
The Wall Street Journal: “With Argentina Expressing Defiance, Its U.S. Lawyers Seek Circuit Review”
MercoPress: “Africa and Latin America Still Fight Vulture Funds”
Financial Times: “7 things to consider in Argentina holdout saga”
Business Insider: “Argentina’s Debt Restructuring Argument Could Be Very Significant For The Global Economy”
Bloomberg Businessweek: “Gramercy Says It’s Not Seeking Alternate Argentina Bond Payments”
Financial Times: “Argentina creditors criticize US court”
The Wall Street Journal
Friday, November 16, 2012
By Jan Wolfe
OVER THE LAST last few days Argentina's leaders have publicly stated on television and on Twitter that they have no intention of abiding by a U.S. injunction that upended the country's plan for repaying its many U.S. creditors. Argentina's lawyers at Clearly Gottlieb Steen & Hamilton, who are in the awkward position of having to explain Argentina's intransigence to U.S. judges, are pressing an appeals court to undo the injunction.
In a petition for an en banc rehearing filed on Nov. 13, Cleary attorneys urged the U.S. Court of Appeals for the Second Circuit to set aside an injunction ordering the country to cease paying back any creditors until it starts repaying a group of U.S. hedge funds led by NML Capital Ltd. that hold defaulted Argentine bonds. Southern District Judge Thomas Griesa issued the injunction in February in order to give the funds more leverage over Argentina. A Second Circuit panel affirmed on Oct. 26, accepting the arguments of NML appellate counsel Theodore Olson of Gibson, Dunn & Crutcher.
MercoPress
Friday, November 16, 2012
Timerman stated that Argentina is not willing to pay the ‘vulture funds’ and also requested the help of “good spirited nations” in order to continue to argue the issue and clamp down on the existence of ‘vulture funds’.
“Our message is clear: we will pay the overwhelming majority of debt holders, who have agreed to a debt swap that has contributed to Argentina's recovery that also pays a fair share of interest on those investments”.
Financial Times
Thursday, November 15, 2012
By Jude Webber
Here are a few back-of-the-envelope things to think about as we wait for Argentina to spell out its position in its brief to the court in the holdout saga on Friday:
1. This is, remember, a case in which there could be a technical default if money Argentina uses to pay the holders of bonds it exchanged in debt swaps in 2005 and 2010 – when it restructured nearly 93 per cent of the $100bn on which it defaulted in 2001 – is diverted to pay the litigants in the New York case, led by US hedge fund Elliott.
Business Insider
Thursday, November 15, 2012
By Linette Lopez
Yesterday, Argentina filed for a re-hearing of its arguments against hedge fund manager Paul Singer and other investors in its sovereign debt that neglected to restructure their debt in 2005 and 2010 (exchange bondholders).
Officially, their filing is called a "petition for panel rehearing and rehearing en banc.”
Bloomberg Businessweek
Thursday, November 15, 2012
By Pablo Gonzalez
Gramercy Advisors LLC is not in talks with the Argentine government to collect interest payments on restructured debt outside the U.S. and avoid seizures from holders of defaulted bonds, the hedge fund said.
Argentine newspapers La Nacion and Ambito Financiero each reported, without saying where they got the information, that Argentina may make payments overseas after a U.S. appeals court ruled Oct. 26 that the country can’t discriminate against holders of defaulted bonds in favor of those who own securities it restructured following a record sovereign default in 2001.
Financial Times
Thursday, November 15, 2012
By Jude Webber, Sam Jones and Robin Wiggelsworth
Creditors who bailed out Argentina in 2005 and 2010 by swapping their defaulted debt say they are being “attacked” by a US court ruling that could plunge their new bonds into default, and they will appeal to the US Supreme Court if necessary.
One of the world’s most intractable sovereign default litigations is approaching a New York courtroom denouement, due by the start of December. Argentina and other interested parties – including Bank of New York Mellon, which is the restructured bonds’ payment agent – are preparing to file their briefs to Judge Thomas Griesa on Friday.
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