Hedge funds that require Argentina to reimburse 100% of principal plus interest, debt securities on which the country was lacking in 2001, U.S. courts rejected the proposal of Buenos Aires reopen its debt exchange offer.
Court of Appeals of New York, and Aurelius NML funds each requested that the judgment be affirmed, currently pending, the federal judge in the State of New York, Thomas Griesa, who ordered 22 November to Argentina to pay them $ 1.33 billion.
"Argentina claims that 92% of holders of sovereign bonds ultimately were powerless to oppose the unprecedented decision to evade its obligations and to challenge errors of the courts, (...) other holders securities should be forced to accept extremely unfavorable terms of the transaction in 2010, "complains NML in the text sent to the American justice system.
"If Argentina really want to end the dispute + +, it is enough to sit around a table with its creditors and negotiate in good faith," says the text.
December 28, Argentina proposed U.S. courts to reopen its offer to exchange debt hedge funds recalcitrant who refused to participate in 2005 and 2010 to end a long legal dispute, a move that received support from the United States.
This proposal was made in the context of an application to the Court of Appeals of New York to invalidate the decision of Judge Thomas Griesa, whereby Buenos Aires to pay $ 1.33 billion to two hedge funds.
This sentence was suspended on appeal in late November by the New York court until a new hearing scheduled for February 27 to allow Argentina to pay the renegotiated debt to its creditors.
Hedge funds and NML Aurelius refused debt swaps in order to obtain, through a court battle, 100% of principal plus interest on securities purchased at very low prices when Argentina defaulted in 2001.
Argentina has always refused to pay a dime to these hedge funds, which seek to be reimbursed at 100%, as investors who have subscribed to trade had to accept a discount of more than two thirds for some.
According to Buenos Aires, the judge's decision Griesa "violates the principle of fairness" vis-à-vis the creditors there.
Through the suspension appeal the judge's decision Griesa, the Argentine government was set in mid-December $ 3.1 billion under the renegotiated debt with its creditors without risking the money to pay for entry hedge funds and NML Aurelius.
Court of Appeals of New York, and Aurelius NML funds each requested that the judgment be affirmed, currently pending, the federal judge in the State of New York, Thomas Griesa, who ordered 22 November to Argentina to pay them $ 1.33 billion.
"Argentina claims that 92% of holders of sovereign bonds ultimately were powerless to oppose the unprecedented decision to evade its obligations and to challenge errors of the courts, (...) other holders securities should be forced to accept extremely unfavorable terms of the transaction in 2010, "complains NML in the text sent to the American justice system.
"If Argentina really want to end the dispute + +, it is enough to sit around a table with its creditors and negotiate in good faith," says the text.
December 28, Argentina proposed U.S. courts to reopen its offer to exchange debt hedge funds recalcitrant who refused to participate in 2005 and 2010 to end a long legal dispute, a move that received support from the United States.
This proposal was made in the context of an application to the Court of Appeals of New York to invalidate the decision of Judge Thomas Griesa, whereby Buenos Aires to pay $ 1.33 billion to two hedge funds.
This sentence was suspended on appeal in late November by the New York court until a new hearing scheduled for February 27 to allow Argentina to pay the renegotiated debt to its creditors.
Hedge funds and NML Aurelius refused debt swaps in order to obtain, through a court battle, 100% of principal plus interest on securities purchased at very low prices when Argentina defaulted in 2001.
Argentina has always refused to pay a dime to these hedge funds, which seek to be reimbursed at 100%, as investors who have subscribed to trade had to accept a discount of more than two thirds for some.
According to Buenos Aires, the judge's decision Griesa "violates the principle of fairness" vis-à-vis the creditors there.
Through the suspension appeal the judge's decision Griesa, the Argentine government was set in mid-December $ 3.1 billion under the renegotiated debt with its creditors without risking the money to pay for entry hedge funds and NML Aurelius.
