Reuters
Wednesday, March 27, 2013
(Reuters) - Argentina plans to offer holders of defaulted debt a Par bond for up to about $450 million and a Discount bond for the rest of the $1.33 billion the "holdouts" are demanding in court, a local newspaper reported on Wednesday.
Earlier this month, a U.S. appeals court ordered Argentina to provide "precise" terms for any alternative payment formula it would commit to that would resolve litigation with creditors seeking to be paid in full on bonds in default since 2002.
The Wall Street Journal
Tuesday, March 26, 2013
By Michael J. Casey
Through the long, bitter legal battle over her country's unpaid debts, Argentine President Cristina Kirchner has refused to entertain the idea of settling with a group of hard-bargaining foreign investment firms she calls "vultures." But with Mrs. Kirchner now also at war with currency speculators, a deal with holdout hedge funds might actually be her best bet.
Under orders from a U.S. appeals court, Argentina must this Friday detail how it would repay the principal and accrued interest it owes a group of investors holding bonds that have been in default since 2001. The government is expected to offer little more than the terms attached to two prior debt-swap deals, which returned about 33 cents on the dollar.
Reuters
Tuesday, March 26, 2013
By Nate Raymond
* 2nd Circuit Court of Appeals declines to full-court rehearing
* Argentina sought reconsideration of October appellate decision
* Argentina's economy ministry declines comment through spokeswoman
NEW YORK, March 26 (Reuters) - A U.S. appeals court on Tuesday denied Argentina's request to reconsider a ruling that favored creditors who opted out of two of the country's debt restructurings.
The 2nd U.S. Circuit Court of Appeals in New York declined to grant a so-called en banc rehearing, in which the full court would have reviewed a decision by a three-judge panel of the court that went against Argentina in October.
The Wall Street Journal
Tuesday, March 26, 2013
By Ken Parks
BUENOS AIRES—A U.S. appeals court on Tuesday denied Argentina's request that the full court review a ruling that barred the South American nation from treating creditors who own defaulted Argentine debt less favorably than investors who swapped those securities for new bonds.
The decision was widely expected as the U.S. Second Circuit Court of Appeals rarely grants rehearings by its full 13-judge body. But it's still an important setback for Argentina as it tries to avoid a new default in a legal battle with creditors whose outcome could set an important precedent for future sovereign debt restructurings.
Financial Times
Tuesday, March 26, 2013
By Joseph Cotterill
Guess it pretty much comes down to the alternative ‘formula’ for paying its holdouts which Argentina will be making to the Second Circuit at the end of this week, then.
The court on Thursday denied the government’s separate request to have its pari passu case reheard ‘en banc‘ — that being when a full court hears your case, instead of a panel of judges (which is usual):
Bloomberg
Tuesday, March 26, 2013
By Bob Van Voris and Katie Porzecanski
Argentina’s request that the full federal appeals court in New York reconsider a ruling by a three-judge panel was denied in a case involving $1.3 billion in defaulted bonds.
The U.S. Court of Appeals in Manhattan today said the full court won’t rehear the appeal, leaving in place an Oct. 26 ruling that bars Argentina from treating restructured-debt holders more favorably than holders of the repudiated debt. The court is separately considering a related appeal, argued last month, about the details of how a lower court may enforce the October ruling.
Financial Times
Tuesday, March 26, 2013
By Jude Webber
Just three days before the deadline for Argentina to spell out its offer to holdout creditors, a US appeals court has slammed shut one of Argentina’s possible avenues of appeal – piling more pressure on Buenos Aires to make sure its offer on Friday is good.
Argentina had requested an ‘en banc’ hearing – that is, a rehearing by all 13 judges of the Second Circuit court of appeals, rather than allowing a three-judge panel to have the final say – after the second circuit last October upheld parts of a controversial ruling by New York judge Thomas Griesa.
Bloomberg
Tuesday, March 26, 2013
By Katia Porzecanski & Camila Russo
Argentina’s dollar bonds sank after the nation lost its bid for a full federal appeals court hearing in New York to reconsider a ruling to pay holders of defaulted bonds.
The nation’s restructured notes due 2033 dropped 1.19 cent to 54.76 cents on the dollar at 2:45 p.m. in New York, the lowest price on an intraday basis since Nov. 29, according to data compiled by Bloomberg. The yield on the bonds jumped 34 basis points, or 0.34 percentage point to 16.20 percent.
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