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.
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
On August 31, 2015, the U.S. Court of Appeals for the Second Circuit ruled in favour of Argentina’s Central Bank in one of the many proceedings initiated by Argentina’s unpaid bondholders.[1] The decision in EM Ltd. and NML Capital Ltd v.
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.
Gupta’s $13.9 Million SEC Insider Trading Penalty Affirmed
Recent Developments