Tag: hedge fundshedge funds
A group of bondholders that entered the restructuring of Argentine debt in 2005 and 2010 have presented their own appeal before the United States Supreme Court, in the case involving the so-called holdout hedge funds. The petition, made public on Thursday, mirrors a similar appeal carried out on Tuesday by the Argentine government.
Argentina appeals hedge funds case to US Supreme Court; warns of 'havoc' if lower court ruling stands
Argentina announced on Tuesday it had appealed to the US Supreme Court against a lower court order to pay off hedge fund investors in its bonds, arguing that order violated its sovereignty.
The Argentine government will appeal on Monday before the US Supreme Court for the second time against the hedge funds claim. The Supreme Court is the last judiciary step in the dispute.
Paul Singer, CEO of hedge fund Elliott Management Corporation and who is litigating Argentina demanding full payment of defaulted bonds described Argentina's government policies as 'horrendous' and stated that 'talking' he could settle the dispute 'in an afternoon'.
The US Supreme Court agreed on Friday to consider a dispute over subpoenas in a case stemming from long-running litigation over Argentina's obligations to bond investors in the wake of its default on 100 billion dollars in sovereign debt in 2002.
A United States appeals court on Monday declined to reconsider an order requiring Argentina to pay 1.33 billion dollars, ruling in favor of bondholders who refused to participate in two debt restructurings spinning out of the country's 2002 default.
A group of Argentine bondholders will offer creditors suing for the repayment of defaulted sovereign debt a private deal to get them to abandon their litigation, the state-run Télam news agency said.
In a letter to investors dated October 28, Elliott Management said it remained hopeful that a consensual resolution can be achieved with Argentina regarding the hedge funds dispute. Elliott, which ranks among the industry's most enduring funds, having opened in 1977 with one million dollars in assets, tried to force Argentina to make full payment on bonds it bought more than a decade ago.
US hedge funds fighting Argentina for repayment on defaulted debt asked a US appeals court on Tuesday to lift its hold on a ruling that ordered Argentina to repay the holders.
The U.S. Supreme Court left intact a ruling that may force Argentina to make payments on defaulted government bonds, rejecting that country’s appeal in a clash that has roiled its financial markets. The justices, without comment, on Monday let stand a 2012 U.S. appeals court decision that bars Argentina from making payments on 24 billion in restructured debt unless it also pays owners of the earlier repudiated bonds.