arabtoday
Last Updated : GMT 14:28:57
Arab Today, arab today
Arab Today, arab today

US hedge funds reject Argentina debt offer

Arab Today, arab today

Arab Today, arab today US hedge funds reject Argentina debt offer

New York - AFP

Two US hedge funds suing Argentina for full payment on defaulted bonds Friday rejected the country\'s offer to settle the suit with a deal that would give them just 25 percent of what they were seeking. \"Argentina\'s years of defiance cannot be cured by a convoluted offer to give (the bond-holders) yet more Argentine IOUs, worth pennies-on-the-dollar,\" the hedge funds said in a petition filed to a New York court. That Buenos Aires still has not accepted a court order to pay the bonds in full \"only serves to demonstrate that it does not respect its voluntarily assumed obligations or the rule of law.\" \"The district court\'s injunction was in no sense an abuse of discretion, and should be affirmed,\" the court document said. US hedge funds NML Capital and Aurelius, which sued in 2012 seeking $1.3 billion, had been expected to reject the offer. Argentina had sought to repay them on similar terms to the majority of holders of bonds who had accepted a bond restructuring after the country defaulted on $100 billion in debt in 2001. Buenos Aires was able to get acceptance from about 92 percent of its bondholders for the two restructurings, in 2005 and 2010. The funds, which Buenos Aires labels \"vulture funds,\" had bought their bonds on the market at a discount and did not participate in the restructuring. Instead they went to court to seek full repayment. According to the funds, the value of the bonds is now $1.47 billion. However, Argentina worries that full repayment would require it to repay the restructured bonds in full as well, which some analysts say could force the country back into default. Argentina contended that its offer to the two hedge funds satisfied the requirements of the \"pari passu\" or equal treatment clause under which the bonds were issued: \"non-discrimination in payment priority and equal treatment among bondholders.\" The case could have repercussions for the greater market for sovereign bonds, if investors believe that holdouts from post-default restructuring deals could ultimately get special treatment. That could prevent any such deals from being achieved, though some analysts -- and the two hedge funds which sued -- argue the Argentina case would not stand as a model.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us hedge funds reject argentina debt offer Arab Today, arab today us hedge funds reject argentina debt offer

 



Arab Today, arab today
Arab Today, arab today Adidas Originals ‘reinterpreted’

GMT 14:52 2016 Thursday ,01 December

Adidas Originals ‘reinterpreted’
Arab Today, arab today At Milaidhoo Island, Maldives

GMT 08:42 2016 Wednesday ,07 December

At Milaidhoo Island, Maldives
Arab Today, arab today Paris's matchbox apartments

GMT 10:37 2016 Saturday ,24 September

Paris's matchbox apartments
Arab Today, arab today Probe finds coalition 'mistake'

GMT 08:00 2016 Wednesday ,07 December

Probe finds coalition 'mistake'
Arab Today, arab today 'Rookie' Trump must fall into line

GMT 08:02 2016 Tuesday ,06 December

'Rookie' Trump must fall into line
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today The summer school raising aspirations

GMT 12:49 2016 Tuesday ,06 December

The summer school raising aspirations
Arab Today, arab today Vanessa Redgrave makes directing

GMT 10:52 2016 Tuesday ,06 December

Vanessa Redgrave makes directing
Arab Today, arab today Indonesia expands protection

GMT 11:39 2016 Tuesday ,06 December

Indonesia expands protection
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Hyundai allows Saudi journalists

GMT 15:14 2016 Thursday ,01 December

Hyundai allows Saudi journalists
Arab Today, arab today Latest Infiniti QX to compete

GMT 13:16 2016 Saturday ,26 November

Latest Infiniti QX to compete
Arab Today, arab today It's a squeeze, but Paris Impressionist

GMT 12:06 2016 Saturday ,03 December

It's a squeeze, but Paris Impressionist
Arab Today, arab today To battle Japanese whaling fleet

GMT 11:53 2016 Monday ,05 December

To battle Japanese whaling fleet

GMT 12:58 2016 Friday ,02 December

Trump, politics on the mind

GMT 13:00 2016 Monday ,05 December

Dubai Women Establishment delegation

GMT 04:15 2016 Thursday ,30 June

World's largest uncut diamond fails

GMT 13:01 2016 Thursday ,01 December

Green groups pressure Spain

GMT 15:59 2015 Wednesday ,27 May

Seoul elevates gardening to high art

GMT 12:39 2016 Saturday ,26 November

Skin patch could help kids

GMT 13:17 2016 Friday ,25 November

Ajman Tourism launches time capsule

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 09:53 2016 Sunday ,15 May

OMEGA official timekeepers
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Powered and Developed by FilmMatters

Copyright © 2016 Arabtoday

Developed by FilmMatters

© 2016 Arabtoday

arabtoday arabtoday arabtoday
arabtoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabtoday, Arabtoday, Arabtoday