Debt Coverage:
Dow Jones: “Argentina's Holdout Creditors Seen Rejecting Proposal” (TELECONFERENCE MENTION)
The Lawyer: “Cutting through the complexity”
Wall Street Journal: “Argentina's New Debt Offer Rejected by Holdout Creditors”
Bloomberg: “Argentina Bondholders Reject Plan to Pay Defaulted Debt”
Financial Times: “US creditors reject Argentina’s debt offer”
Financial Times: “Argentina and an offer easily refused”
MercoPress: “US hedge funds reject Argentina’s offer to settle defaulted sovereign bonds suit”
AFP: “US hedge funds reject Argentina debt offer”
Buenos Aires Herald: “Vulture funds reject Argentina's payment offer”
Reuters: “Argentine debt holdouts make final plea to U.S. court for payment”
Dow Jones
Friday, April 19, 2013
Holdout creditors in the ongoing legal battle with Argentina over payment on bonds that the South American country defaulted on in 2001 are not likely to accept Argentina's proposed payment plan submitted to a U.S. appeals court in March, two lawyers said Friday.
The holdout creditors, led by hedge funds Aurelius Capital Management and Elliott Management Corp. unit NML Capital Ltd., have claimed Argentina was favoring investors who previously agreed to debt exchanges in 2005 and in 2010. They have to respond by April 22 to the Argentine payment proposal, which offered holdouts a mix of securities, including bonds maturing in 2033 and 2038, that many analysts said fell short of what the judges and creditors would likely accept.
The Lawyer
Monday, April 22, 2013
By Philippa Charles
Last month the French Supreme Court refused enforcement of a $284m (£186m) judgment obtained in New York by ‘vulture fund’ NML Capital against the government of Argentina. The New York judgment awarded NML the face value of distressed Argentinian government bonds it had acquired at a discount. NML’s claim tried to attach and divert tax and social security payments owed to Argentina by French companies operating in Argentina.
The case offers a window into the often drawn-out and complex process of enforcement of judgments in foreign jurisdictions.
Wall Street Journal
Saturday, April 20, 2013
By Shane Romig, Katy Burne and Chad Brady
Holdout creditors on Friday rejected Argentina's proposal to pay them about 20 cents on every U.S. dollar of bonds they own, leaving a U.S. appeals court to decide how to enforce a ruling that may push Argentina into a new default.
"Not only are the details of Argentina's proposal unacceptable and unresponsive; Argentina fails even to provide this court with meaningful 'assurances' that it will actually comply with its own proposal," said Theodore Olson, a lawyer for the holdouts, in a brief filed Friday.
Bloomberg
Saturday, April 20, 2013
By Bob Van Voris
Holders of Argentina’s defaulted debt, led by Elliott Management Corp.’s NML Capital Ltd. unit, rejected the nation’s proposal to force them to take a sharp discount on their bonds.
The bondholders, who claim they’re owed $1.47 billion in principal and interest, responded yesterday to Argentina’s proposed plan, which it made in a March 29 court filing with the federal appeals court in New York. They said the plan showed “contempt for its obligations, the laws of the United States, and the orders of U.S. courts.”
Financial Times
Saturday, April 20, 2013
Argentina’s holdout creditors have urged a US appeals court to reject an offer from Buenos Aires to settle its 12-year-old debts on the same terms as two previous debt restructruings, saying the proposal was just a “convoluted offer …. [of] yet more Argentine IOUs, worth pennies on the dollar”.
Creditors led by Elliott, a US fund, called on the Second Circuit Court of Appeals to enforce a New York district court order for Argentina to pay up in full, and in cash, when it paid holders of its performing debt, and said honouring the $1.47bn it owed them in no way jeopardised payments to the holders of restructured debt.
Financial Times
Saturday, April 20, 2013
By Joseph Cotterill
With its latest submission in this Court, the Republic of Argentina continues its long and consistent pattern of defaulting on its contractual obligations, defying the laws of the United States (which its contracts expressly invoked), and showing contempt for the courts to whose jurisdiction it unreservedly submitted. The government of Argentina plainly believes the rule of law does not apply to it…
Guess that’s a no, then.
MercoPress
Saturday, April 20, 2013
”Argentina's years of defiance cannot be cured by a convoluted offer to give (the bond-holders) yet more Argentine IOUs, worth pennies-on-the-dollar,“ the hedge funds said in a petition filed to a New York court.
That Buenos Aires still has not accepted a court order to pay the bonds in full ”only serves to demonstrate that it does not respect its voluntarily assumed obligations or the rule of law.“
AFP
Saturday, April 20, 2013
NEW YORK — Two US hedge funds suing Argentina for full payment on defaulted bonds Friday rejected the country's offer to settle the suit with a deal that would give them just 25 percent of what they were seeking.
"Argentina's years of defiance cannot be cured by a convoluted offer to give (the bond-holders) yet more Argentine IOUs, worth pennies-on-the-dollar," the hedge funds said in a petition filed to a New York court.
That Buenos Aires still has not accepted a court order to pay the bonds in full "only serves to demonstrate that it does not respect its voluntarily assumed obligations or the rule of law."
Buenos Aires Herald
Friday, April 20, 2013
Vulture funds have rejected Argentina’s debt payment offer over defaulted bonds renewing its position that the South American country fulfill its 1.3 billion dollar pay obligation.
“Argentina´s defying years can not be cured with a warped offer giving claimants more bonds that worth cents of dollars,” NML Capital and Aurelius investment firms affirmed in a statement issued to the New York Court of Appeals.
Reuters
Friday, April 19, 2013
By Daniel Bases
(Reuters) - Bondholders fighting Argentina for full repayment on defaulted debt made their final plea late on Friday to a U.S. appeals court asking them to affirm prior rulings ordering a $1.33 billion payment, saying Buenos Aires continues to defy U.S. law.
The 2nd U.S. Circuit Court of Appeals in New York directed these bondholders, led by NML Capital Ltd, a unit of billionaire hedge fund manager Paul Singer's Elliott Management Corp, and Aurelius Capital Management, to submit a response by April 22 to a new Argentine payment proposal.
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