Sunday, 25 January 2015
Last updated 1 day ago
Apr 3 2013 | 11:54am ET
Having read Argentina's plan to repay them, a U.S. appeals court has given two hedge funds and other holdouts from the country's 2001 debt default three weeks to respond to that proposal.
Argentina on Friday offered two options to the holdouts, either cutting the bonds' face-value or extending their terms. Either would put the holdouts, led by Elliott Management and Aurelius Capital Management, on the same terms as those who participated in Argentina's 2010 debt exchange.
The U.S. Second Circuit Court of Appeals yesterday gave the holdouts until April 22 to respond.
Argentina is fighting a lower-court ruling that could force it to either pay the holdouts the full value of the defaulted debt—something it has said it will never do—or default on its 2005 and 2010 exchanged debt, which was issued in New York. The Second Circuit has already ruled against the country once, and at a February hearing, a Second Circuit panel expressed skepticism about Argentina's arguments.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…