A United States court of appeals gave Argentina until March 29 to submit a plan for the repayment of $1.33 billion in debt that the country defaulted on 11 years ago. N.M.L. Capital, a subsidiary of the New York-based hedge fund Elliott Management, is leading a lawsuit among bondholders who refused Argentina’s 2005 and 2010 debt swaps. Ninety-three percent of creditors agreed to the restructuring in which debt stemming from Argentina’s $100 billion default was exchanged for new issues at 35 cents on the dollar. A judge ruled last fall in favor of creditors, saying that Argentina could not service only some of its debt, and that it had the “financial wherewithal” to pay in full. Speaking to Congress on Friday, President Cristina Fernández de Kirchner said Argentina would pay “these vulture funds” but only according to the same terms and conditions agreed upon for the other creditors. A spokesman for Elliott Management declined to comment.
World Briefing | The Americas: Argentina: U.S. Court Orders Debt Repayment Plan
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World Briefing | The Americas: Argentina: U.S. Court Orders Debt Repayment Plan
