For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current developments.
Recent Developments
The long-running dispute over the payment of Argentina's sovereign debt, on which the South American nation defaulted for the second time in July 2014, continues to be particularly active.
Recent Developments
In what the Financial Times has called “the sovereign debt restructuring case of the century,” Argentina has timely submitted its proposal as requested by the U.S. Court of Appeals for the Second Circuit, with which it is willing to make payments on approximately $1.3 billion of unpaid debt obligations that stem from the country’s $95 billion debt default of December 2001.
Recent Developments
Recent Developments
On June 24, 2013, Argentina filed a petition asking the U.S. Supreme Court to review a ruling handed down by the U.S. Court of Appeals for the Second Circuit on October 26, 2012 (see NML Capital, Ltd. v. Republic of Argentina, 699 F.3d 246 (2d Cir. 2012)) upholding a lower-court order enjoining Argentina from making payments on restructured defaulted debt without making comparable payments to holdout bondholders. On July 26, 2013, the French government filed an amicus curiae (“friend of the court”) brief supporting Argentina’s petition.
For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current developments.
Recent Developments
NML Capital Ltd. (NML), a hedge fund affiliated with Paul Singer’s Elliott Management Corp. (Elliott), won two favorable rulings from the Supreme Court of the United States (the Court) on Monday, June 16, related to its, now, decade long litigation with the Republic of Argentina over the country’s 2001 default on $100 billion of its debt. The Argentinian bonds were restructured in 2005 and again in 2010, and most bondholders swapped their defaulted bonds out for new, less favorable securities.
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