Tag: Thomas Griesa

Thomas Griesa
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.”

Saturday, February 13th 2016 - 05:32 UTC

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

“Two major “holdouts” reached agreements in principle with Argentina to settle their claims”, said Pollack. Aggregated, between them, they represent over US$1bn

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.

Wednesday, February 10th 2016 - 07:24 UTC

Argentina still has uphill battle with holdouts: a stay of pari-passu is next round

Recently elected President Macri has taken a more conciliatory approach to the litigant funds, because of the need to regain access to vital hard currency funding.

While investors cheered progress on last week's arduous negotiations in New York between Argentine government officials and litigant investors, the administration of president Mauricio Macri still faces an uphill battle as it works to bring other holdouts on board.

Wednesday, February 3rd 2016 - 07:23 UTC

Argentina agrees to pay Italian bond holders including “a reasonable interest”

Prat-Gay said the deal with Italian bondholders is a step toward “closing the gap with the firmest litigants,” that is, hedge funds headed by magnate Paul Singer.

Argentina announced Tuesday that it reached a $900 million preliminary accord to settle its pending debt with 50,000 Italian holders of defaulted Argentine government bonds. Finance minister Alfonso Prat-Gay said that the agreement with Italian bondholders includes the Argentine government's acknowledgement of the debt “and reasonable interest”.

Thursday, January 21st 2016 - 07:24 UTC

Holdouts request postponement of Argentina's proposal to solve dispute

Caputo met in New York with mediator Pollack and holdout representatives and announced that on January 23, Argentina would present its proposal

Representatives from holdout investment funds have requested the Argentine government to postpone until the first week of February, next week's scheduled proposal to overcome the country's debt situation which remains technically in default.

Monday, January 18th 2016 - 05:52 UTC

All negotiations with holdout funds will be made public, announced Argentina

“Finance Secretary Luis Caputo told the mediator that any offer that will be made by Argentina will be done in public to guarantee the transparency of the process”

Argentina announced that all the details of the negotiation with the speculative funds, taking place in New York, will be made public in order to guarantee the transparency of the process. The news from the Finance Ministry dismissed reports that the holdouts were demanding the Argentine government sign a confidentiality agreement before talks can begin.

Thursday, January 14th 2016 - 06:54 UTC

Argentina needs to reach an agreement with holdouts, insists Prat-Gay

Finance Minister Alfonso Prat-Gay said the negotiations would be tough but it was in Argentina's interests to reach a deal.

Argentina's new finance minister said on Wednesday it was imperative to resolve the country's legal dispute with U.S. creditors over unpaid debt because financing of the country's fiscal deficit this year may depend on progress on the issue.

Monday, January 11th 2016 - 12:51 UTC

Argentina's financial agenda: talks with holdout funds and farmers' dollars

Finance Secretary Caputo will travel to New York and meet with court-appointed mediator Daniel Pollack and representatives from the so-called holdout  funds.

A challenging financial week takes off for Argentina's new administration of president Mauricio Macri: on the one hand Argentine farmers have to keep their part of the deal by providing the central bank with 400 million dollars a week, and on the other the long-awaited debt talks are expected to resume in New York next Wednesday with United States hedge funds suing Argentina over defaulted sovereign bonds.

Thursday, December 31st 2015 - 07:50 UTC

Holdouts subpoena HSBC on Argentina's efforts to raise money abroad

 Prat-Gay on Dec. 17 said he expected Argentina's central bank to reach a deal with foreign banks within 10 days for the credit line.

Creditors suing Argentina over billions of dollars in defaulted bonds have subpoenaed HSBC Holdings Plc for information about the country's effort to raise money abroad, a person familiar with the matter said on Tuesday, as reported by Reuters.

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.

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