Debt Coverage:
American Lawyer: “Second Circuit Declines to Refer Argentina Debt Ruling to New York State Court of Appeals”
Financial Times: “Hedge fund gentleman wages Argentine war”
Bloomberg: “Belize Rejecting Argentine Default Model Spurs Region-Best Rally”
Reuters: “Don’t worry about an Elliott vs Argentina precedent”
One World Group: “‘Claws off Argentina’, vulture funds told”
American Lawyer
Friday, January 11, 2013
By Jan Wolfe
Holders of Argentina's restructured debt, represented by David Boies, have failed in one of their efforts to undo a Second Circuit ruling that all of the country's foreign creditors must be treated equally. On Thursday the Second Circuit refused to seek review of its ruling from New York State's top court.
Financial Times
Sunday, January 13, 2013
By Ellen Kelleher
Robert Koenigsberger, managing partner with Gramercy Funds Management, never intended to get mixed up in a war. But he has.
Mr Koenigsberger is being drawn into an expensive and messy litigation battle, now wending its way through courts in New York, that is confusing for outsiders to follow.
At issue is whether Argentina should pay $1.33bn to a group of holders of debt on which the country defaulted in 2001, as ordered by a judge in the US last November. These debt holders had refused previous restructuring deals.
Bloomberg
Monday, January 14, 2013
By Adam Williams & Ye Xie
Belize’s dollar bonds are rallying the most in emerging markets after the Central American nation improved a restructuring offer that was worse than what Argentina gave creditors following its 2001 default.
The debt has returned 18.6 percent this month, the most among 55 emerging-market countries tracked by JPMorgan Chase & Co’s EMBIG index. Bond prices rose 7.84 cents last week to 49.95 cents, up from a low of 30.11 cents on Aug. 23 following the government’s decision to skip a $23 million coupon payment, its second default in six years.
Reuters
Friday, January 11, 2013
By Felix Salmon
If you want to stay on top of what’s going on in the case of Elliott vs Argentina, here’s your one-stop shop: Shearman & Sterling’s invaluable page on the subject, with links to all the briefs and filings you could possibly ever want to read on the subject, plus Shearman’s own detailed and useful summaries of what they say and mean.
The latest news in the case is quite important. A group of Argentine bondholders — real bondholders, not the vultures holding defaulted debt — were understandably unhappy at the Second Circuit’s interpretation of the pari passu clause in New York law bond documentation. That interpretation is, for the time being, the last word on what the pari passu clause means — but the problem is that a majority of observers, including myself, don’t actually believe that the pari passu clause means what the Second Circuit says it means.
One World Group
Friday, January 11, 2013
Jubilee Debt Campaign has placed a full-page advert in the Buenos Aires Herald today, congratulating Argentina on the return of their ship the Libertad which had been impounded in Ghana following a case brought by vulture fund NML Capital. (1)
Jubilee Debt Campaign says Argentina is facing an economic war being waged against the country by ‘vulture funds’ who are in the process of securing court judgements which could force the country into another default. Debt campaigners say they support the refusal of Argentina’s government to pay the vulture funds, and condemn the New York court ruling of October 2012 which compels Argentina to repay these funds when they make a payment to other creditors. (2)
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