Tag: hedge funds

hedge funds
Sunday, April 3rd 2016 - 07:35 UTC

Argentina promulgates bill which allows for payment of accord with bondholders

The Argentine government made official the accord reached with the holdout funds sponsored by a New York federal court, to pay for defaulted bonds in a fifteen year litigation, following the approval of the bill by the Senate. This means Argentina can now look for funds in the international monetary market.

Wednesday, March 16th 2016 - 17:29 UTC

Judge Griesa sends strong message of support for Argentina at crucial moment

“Any attempt to attach, restrain or otherwise encumber funds intended for settlement of any action would be contrary to the public interest,” Griesa said

As the Argentine congress started to debate an end to the 15-year litigation, United States District Judge Thomas Griesa sent a new message of support to Argentina by claiming he won’t allow any attempts to seize the funds to be used by Argentina to pay the holdout creditors.

Tuesday, March 1st 2016 - 05:05 UTC

Special Master announces settlement of 15-year battle between Argentina and 'holdout' hedge funds

 Pollack 'expressed greatest pleasure' in announcing that the 15-year pitched battle between Argentina and Elliott Management is now on its way to being resolved.

Daniel A. Pollack, Special Master appointed to preside over settlement negotiations between the Republic of Argentina and its “Holdout” Bondholders, this morning (29 February) issued the following statement:

Thursday, February 25th 2016 - 06:16 UTC

Argentina in pre-accord with toughest hedge funds; Special Master Pollack furious

A lawyer for Elliott Management Corp. said an agreement had been reached on terms to pay four hedge funds representing about two-thirds of holdout creditors

Argentina and a group of hedge funds are nearing a deal that would pay investors about 70% of what they say they are owed, as the government moves closer to re-entering the global bond markets following its 2001 default.

Tuesday, February 23rd 2016 - 06:56 UTC

Argentina to issue 15bn in bonds to end litigation with holdouts and return to global money markets

The sum should be enough to cancel the 6.5bn dollars demanded by holdouts who have accepted the last pre-accord, with the mediation of Special Master Pollack

Argentina is planning to issue an estimated 15bn dollars in bonds, with which to pay the bondholders involved in years of litigation, and thus abandon its default situation which impedes it from having access to global money markets. The news was released by the Argentine Ministry of Finance.

Monday, February 22nd 2016 - 09:03 UTC

Argentine government optimistic Congress will lift 'paddock bill' as requested by Judge Griesa

“We are optimistic that Congress will revoke the Padlock Law” cabinet chief Peña said on Sunday

The administration of president Mauricio Macri is optimistic that Congress will lift the Padlock Law (Ley Cerrojo) clearing the way for Argentina’s long-standing dispute against so called speculative funds to be settled, Cabinet Chief Marcos Peña said.

Saturday, February 20th 2016 - 06:41 UTC

Griesa prepared to drop injunction if Argentine congress repeals 'lock law'

Judge Griesa said he would drop the injunctions after Argentina repeals domestic laws ('lock laws') that prevent the country from making payments to holdouts

The judge presiding over a long-running battle between Argentina and a group of New York hedge funds said on Friday that he would lift an injunction that had locked Argentina out of international markets, if certain conditions are met.

Saturday, February 13th 2016 - 05:40 UTC

Aurelius hedge fund “baffled” by Argentina's decision to 'continue litigation'

Given “the choice between accepting the substantial haircut we have offered, continuing negotiations, and litigating, Argentina chose to litigate”, said Brodsky

Hedge fund Aurelius Capital Management, one of the major creditors in the Argentine bond litigation who has not agreed to participate in a proposed $6.5 billion settlement, called Argentina's decision to return to court in the dispute “baffling.”

Friday, December 11th 2015 - 11:54 UTC

International banks commit 8bn dollars to the new Argentine administration

 If it all works out as planned it could be a great start for the incoming central bank president Federico Sturzenegger

The incoming government of Argentine president Mauricio Macri is about to receive its first financial boost from overseas, which according La Nacion sources could be in the range of 8 billion dollars.

Thursday, December 10th 2015 - 08:18 UTC

Pollack confirms Macri´s administration intention of negotiating with hedge funds

Daniel Pollack said in a statement that he had met “earlier this week” at his office in New York with Argentina's incoming finance secretary, Luis Caputo

The court-appointed mediator in a long-running debt dispute pitting Argentina against holdout hedge funds said Wednesday that President-elect Mauricio Macri's incoming administration intended to negotiate a settlement.


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