Tag: Holdout funds

Holdout funds
Thursday, March 31st 2016 - 22:54 UTC

Argentine congress overwhelmingly approves deal with creditors to end 15-year conflict

The senate began debating on Wednesday morning and on early Thursday passed the measure by 54 votes to 16.

After 13 hours of debate, Argentina's senate voted overwhelmingly to approve a deal with creditors in the US, putting an end to a sovereign bonds' dispute that had lasted 15 years. The deal was reached in late February, and the Lower House passed it earlier this month. The senate began debating on Wednesday morning and on early Thursday passed the measure by 54 votes to 16.

Friday, March 4th 2016 - 07:02 UTC

Paul Singer will have made a $2.4bn profit with the Argentine defaulted bonds

Paul Singer and Jay Newman, an Elliott portfolio manager, saw an opportunity when Argentina's government debt was trading at 20 cents on the dollar

Elliott Management Corp., a New York-based hedge fund that invested in distressed Argentine government bonds well over a decade ago, will have made a $2.4 billion profit on its wager once this week's settlement is finalized, the Wall Street Journal said.

Wednesday, February 10th 2016 - 07:16 UTC

US Treasury's strong support message for Argentina's litigation with holdout funds

The statement said Lew “echoed Pollack’s strong hope that all creditors will be able to resolve their differences and reach Agreements in Principle with Argentina.”

The United States gave another sign of support for Argentina’s economic policies as US Treasury Secretary Jacob Lew spoke on the phone with Finance Minister Alfonso Prat-Gay, striking an optimistic tone regarding the settlement offer made to the holdout funds in New York.

Thursday, October 29th 2015 - 06:31 UTC

Argentina: Holdouts dispute, a Cristina Fernandez legacy for the next government

Griesa said he assumed Argentina's refusal to negotiate “at this late date in this very lengthy litigation that attitude is over with”

US District Judge Thomas Griesa of New York on Wednesday urged Argentina to resume talks to settle bondholder litigation flowing from its $100 billion default in 2002. The judge made the remarks as creditors suing over defaulted bonds urged him to expand to nearly $8 billion the amount Argentina must pay them to service its restructured debts.

Saturday, October 24th 2015 - 08:40 UTC

Holders of Argentine Euro bonds demands BONY services debt or faces lawsuit

The group of Euro bondholders, including Soros, said BONY is no longer eligible to act as a trustee because it can’t comply with appointment conditions

Investors holding euro-denominated Argentine bonds, including billionaire George Soros, called on trustee Bank of New York Mellon yesterday (BONY) to turn over its duties to state-owned Banco Nación so they can get paid the 225 million euros currently frozen by United States District Judge Thomas Griesa’s orders.

Thursday, August 13th 2015 - 06:45 UTC

Griesa sanctions Argentina for not turning in information on assets

Griesa agreed with NML that Argentina should be punished for failing to turn over evidence that the fund wants to use to discover assets.

New York district judge Thomas Griesa has said he will consider all Argentine government assets in the United States, except for diplomatic and military ones, as commercial assets which hedge fund NML Capital could try to seize.

Tuesday, August 5th 2014 - 07:10 UTC

Cristina Fernandez pledges “to adopt the most suitable measures for Argentina”

“Every time that Argentina has become viable, that is when the missiles and permanent bombardments begin” said the Argentine president

Argentine President Cristina Fernandez said on Monday that she would only take decisions that benefitted the overall health and stability of the Argentine state, as she called on the country to defend the achievements of the last 10 years.

Tuesday, July 1st 2014 - 14:59 UTC

Holdout hedge funds claim Argentina never turned up to negotiate a settlement

 “Argentina has refused to negotiate any aspect of this dispute,” said Jay Newman, senior portfolio manager at Elliott Management.

Holdout investors involved in litigation with Argentina over sovereign debt said on Monday they have not met with the government to negotiate a settlement on defaulted debt, and accused Buenos Aires of refusing to enter talks as a 30-day countdown to default begins.

Monday, June 30th 2014 - 05:47 UTC

OAS Permanent council expected to consider Argentina/hedge funds conflict

The idea is for a strong statement from OAS in support of Argentina in its ongoing litigation

The Argentina litigation with holdout hedge funds will have an additional ingredient this Monday when the Organization of American States, OAS, Permanent Council holds an extraordinary session, on a special request from Argentina, to consider a consultation meeting of foreign ministers to address the issue of sovereign debt restructuring.

Thursday, June 26th 2014 - 04:40 UTC

UN agency warns Argentina debt ruling does not comply with US sovereign immunities act

The rulings “set legal precedents which could have profound consequences for the international financial system”, UNCTAD said

The United Nations trade and development agency UNCTAD said on Wednesday in a rare release that the recent U.S. court ruling on Argentina's debt erodes sovereign immunity and does not comply with the country's own U.S. Foreign Sovereign Immunities Act.

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