MercoPress, en Español

Montevideo, December 8th 2016 - 09:46 UTC

Pollack confirms 'eventful week' of negotiations between Argentina and holdouts

Saturday, February 13th 2016 - 05:32 UTC
Full article 2 comments
“Two major “holdouts” reached agreements in principle with Argentina to settle their claims”, said Pollack. Aggregated, between them, they represent over US$1bn “Two major “holdouts” reached agreements in principle with Argentina to settle their claims”, said Pollack. Aggregated, between them, they represent over US$1bn
However two steps are pending: lifting of the Lock Law by the Argentine Congress and dissolution of the Injunction put in place by Hon. Thomas P. Griesa. However two steps are pending: lifting of the Lock Law by the Argentine Congress and dissolution of the Injunction put in place by Hon. Thomas P. Griesa.

In the midst of ongoing negotiations in the United States courts between the administration of President Mauricio Macri and holdouts to reach an agreement, special master Daniel A. Pollack on Friday issued a statement reiterating “two major holdouts reached agreements in principle with Argentina to settle their claims.

 However claims by four other large holdouts were not resolved this week, ”but intensive discussions between and among high-ranking Argentine Government officials, principals of those four firms and me have continued through the week”.

“I do not know whether agreements in principle will be reached with these four bondholders, but I will continue to do everything in my power to see that it happens,” Pollack affirmed.

“Other parties with substantial holdings of defaulted Argentine bonds, beyond the four remaining large “holdouts,” have come forward, expressed interest in settling, and are in the process of attempting to reach agreements in principle with Argentina. I will have no further statement on this matter today,” he added.

The complete statement from special master Daniel A. Pollack reads as follows:

This has been an eventful week in the negotiations between Argentina and its “holdout” Bondholders. As I had announced in a previous statement, two major “holdouts” reached agreements in principle with Argentina to settle their claims. Those two agreements in principle aggregated, between them, well over $1 billion.

Claims by four other large “holdouts” were not resolved this week, but intensive discussions between and among high-ranking Argentine Government officials, principals of those four firms and me have continued through the week. These discussions have gone late into the night and will continue.

I do not know whether agreements in principle will be reached with these four Bondholders, but I will continue to do everything in my power to see that it happens. Any and all agreements in principle are subject to (1) the lifting of the Lock Law and the Sovereign Payment Law by the Argentine Congress and (2) the lifting or dissolution of the Injunction put in place by Hon. Thomas P. Griesa.

Argentina has taken steps in this direction. Other parties with substantial holdings of defaulted Argentine bonds, beyond the four remaining large “holdouts,” have come forward, expressed interest in settling, and are in the process of attempting to reach agreements in principle with Argentina. I will have no further statement on this matter today”.

Likewise earlier this week Judge Thomas Griesa has announced that he will retire at the conclusion of the Argentine bonds' negotiations. The 85-year-old judge confirmed the news Monday night when one of his aides asked him if the rumors were true.

Judge Griesa has sat on the bench for over 40 years after being appointed by US President Richard Nixon. This last case will mark the end of a career that included many notorious trials ranging from the New York crime families to Mick Jagger. Apparently Griesa plans to retire to his home in Montana to write his memoirs.

Top Comments

Disclaimer & comment rules
  • chronic

    Enforcement of the pari passu clause was granted for the plaintiffs.

    There is no legal basis for it to be abated at the bequest of the defendant unless the underlying default has been cured.

    Rottingroadkillians are clueless.

    Feb 13th, 2016 - 09:13 am 0
  • Marti Llazo

    Pollack's jive could be summarised as follows:

    “ Argentistan is still in default, still in contempt of court, still screwing around, and we didn't get anywhere this week.”

    Feb 13th, 2016 - 12:42 pm 0
Read all comments

Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!