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Argentina says #CiaoDefault, paying holdouts after 14 years
Source: Reuters
Markets | Fri Apr 22, 2016 1:28pm EDT
Argentina says #CiaoDefault, paying holdouts after 14 years
BUENOS AIRES | BY BRAD HAYNES
Argentina paid creditors on Friday who had refused debt restructurings after a record 2002 default, closing the book on nearly a decade of messy litigation as new President Mauricio Macri embraces global financial markets.
U.S. District Judge Thomas Griesa in Manhattan confirmed the payments and issued an order allowing Argentina to resume servicing its renegotiated bonds, lifting an injunction that had triggered another default in 2014.
The injunction against paying restructured debt was one of many hardball tactics that Griesa authorized against Macri's predecessor, leftist leader Cristina Fernandez, who denounced the hard-line holdouts as "vulture funds."
Those funds, led by Aurelius Capital Management and Elliott Management's NML Capital Ltd, were among investors that received more than $6 billion in settlements on Friday, according to court documents. Argentina also set aside about $3 billion in escrow to cover holdouts that had not settled by Feb. 29.
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Argentina says #CiaoDefault, paying holdouts after 14 years
BUENOS AIRES | BY BRAD HAYNES
Argentina paid creditors on Friday who had refused debt restructurings after a record 2002 default, closing the book on nearly a decade of messy litigation as new President Mauricio Macri embraces global financial markets.
U.S. District Judge Thomas Griesa in Manhattan confirmed the payments and issued an order allowing Argentina to resume servicing its renegotiated bonds, lifting an injunction that had triggered another default in 2014.
The injunction against paying restructured debt was one of many hardball tactics that Griesa authorized against Macri's predecessor, leftist leader Cristina Fernandez, who denounced the hard-line holdouts as "vulture funds."
Those funds, led by Aurelius Capital Management and Elliott Management's NML Capital Ltd, were among investors that received more than $6 billion in settlements on Friday, according to court documents. Argentina also set aside about $3 billion in escrow to cover holdouts that had not settled by Feb. 29.
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Read more: http://www.reuters.com/article/us-argentina-debt-idUSKCN0XJ1OO
