Debt Coverage:
MercoPress: “Argentina prepares for the ‘mother of all battles’ against ‘holdout’ bondholders”
Financial Times: “Argentina proposes new debt swap”
AP: “Argentina plays last cards with NY appellate court”
Financial Times: “Fund steps up legal fight with Argentina”
Reuters: “Argentina aims at bond "holdouts" ahead of court showdown”
Fox News (AP): “Argentina makes its last written arguments ahead of NY appellate court hearing on debt case”
The Human Rights Brief: “UN Organs Focus on Paralyzing Debt Caused by “Vulture Funds””
Bloomberg: “Argentina Makes Final Bid to Reverse U.S. Court Rulings”
Gawker: “Argentina Says ‘Fuck You, You Can’t Take Our Boats’”
MercoPress
Monday, February 04, 2013
Oral arguments in the case, which could raise emerging market sovereign borrowing costs by complicating future restructurings, are set for the end of this month before the US 2nd Circuit Court of Appeals in New York.
Argentina wants the court to overturn a finding in favour of creditors led by NML Capital Ltd and the Aurelius Capital Management funds, known as holdouts because they did not participate in restructurings under which most holders of Argentine bonds accepted reduced terms in return for payment. The government of President Cristina Fernandez calls them ‘vulture funds’.
Financial Times
Sunday, February 3, 2013
By Jude Webber
Argentina has told a US appeals court due to rule on whether it must pay more than $1bn to holders of its defaulted debt that its central bank reserves are not an “open till” and the fairest solution to a case that threatens to trigger a fresh sovereign default would be a new debt swap on the same terms as its last.
A group of holders of bonds issued when Argentina restructured almost all of its defaulted debt in 2005 and 2010 said in a separate filing to the Second Circuit Court of Appeals in New York on Friday that institutions with some $500m in judgments and claims against Argentina were indeed prepared to entertain a new offer of a debt swap.
AP
Sunday, February 3, 2013
By Michael Warren
BUENOS AIRES, Argentina (AP) — Argentina has filed its final written arguments in a court showdown with creditors in New York, suggesting the nation's economy would be ruined and a dangerous global precedent would be set if it loses its appeal.
In briefs filed minutes before the appellate court's deadline, early Saturday Buenos Aires time, the South American government refused to cede any ground to a group of holdout creditors it calls "vulture funds." The briefs also said federal Judge Thomas Griesa's plan to force Argentina to pay $1.3 billion to the plaintiffs could provoke other claims totaling more than $43 billion.
Financial Times
Saturday, February 2, 2013
Elliott has started legal action it hopes will help unlock funds held by Argentina’s central bank that would pay court judgments in the US fund’s favour.
The move comes as a US appeals court, in a separate case, prepares for a hearing this month to decide whether Argentina must pay $1.33bn to creditors led by the fund who were hit by the country’s 2001 default on nearly $100bn of debt.
Elliott is seeking to reaffirm what it regards as a key finding of a 2010 ruling by Judge Thomas Griesa in New York that the Argentine central bank, the BCRA, is an “alter ego” of the Argentine state.
Reuters
Saturday, February 2, 2013
By Hugh Bronstein
(Reuters) - Argentina has made its final written arguments ahead of a February 27 U.S. courtroom showdown against "holdout" bondholders demanding 100 cents on the dollar for debt that the South American country defaulted on more than a decade ago.
Oral arguments in the case, which could raise emerging market sovereign borrowing costs by complicating future restructurings, are set for the end of this month before the U.S. 2nd Circuit Court of Appeals in New York.
Fox Business (AP)
Saturday, February 2, 2013
BUENOS AIRES, Argentina – Argentina has played its last cards ahead of an appellate court hearing in New York that could set a global precedent for nations trying to settle bad debts.
Briefs filed early Saturday Buenos Aires time show the South American government is refusing to cede any ground to a group of holdout creditors it calls "vulture funds."
The holdouts want to be paid the full original promised value plus interest for bonds that Argentina hasn't made payments on since its 2001 debt crisis.
The Human Rights Brief
Saturday, February 2, 2013
By Frank Knaack
The United Nations (UN) International Tribunal for the Law of the Sea ordered the release of the ARA Libertad, an Argentine naval ship on December 15, 2012. A Ghanaian court impounded the ARA Libertad in October 2012 at the behest of the “vulture fund” NML Capital, a subsidiary of the U.S.-based investment firm Elliot Capital Management. NML Capital sought to hold the ship as leverage to secure partial payment of a debt that NML argues Argentina owes it following NML’s purchase of Argentinian debt, at a fraction of its face value, one year before Argentina’s $100 billion (USD) default. Though a majority of Argentina’s creditors accepted repayment at a lower rate, NML Capital refused to accept the debt repayment deal offered by Argentina. Instead, NML Capital sued Argentina for the full face value of the debt. The actions of vulture funds, like NML Capital, have come under increased scrutiny by development and human rights advocates, leading, in the case of the United Kingdom and the Channel Island of Jersey, to legislation preventing the vulture funds from seeking excessive claims against heavily indebted countries. These companies undermine debt relief efforts that, in turn, lead to the deprivation of human rights.
Bloomberg
Friday, February 1, 2013
By Bob Van Voris
Argentina filed a final brief asking a U.S. appeals court to reverse rulings that would help Elliott Management Corp.’s NML Capital Fund among other creditors collect on sovereign debt the country repudiated more than a decade ago.
Argentina, which defaulted on a record $95 billion of bonds in 2001, responded to creditor arguments in its filing yesterday with the U.S. Court of Appeals in New York. The republic claims the rulings illegally interfere with its immunity as a sovereign nation and improperly exert authority over third parties including banks.
Gawker
Saturday, February 2, 2013
By Max Rivlin-Nadler
Last October, billionaire hedge fund manager Paul Singer tracked the course of a Argentine navy ship, Libertad, as it crossed the globe. When it docked in Ghana, his firm, NML Capital, convinced a judge there to hold the ship in port until Argentina could pay its 1.3 billion debt to him, debt still owed from when the Argentine economy completely collapsed in 2001.
In short: You no pay? I take your fuckin' boat.
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