January 19, 2018
Friday, April 19, 2013

Vulture funds reject Argentina's payment offer

Vice-president Amado Boudou and Economy Minister Hernán Lorenzino as they leave the Court of Appeals in New York in February this year

Vulture funds have rejected Argentina’s debt payment offer over defaulted bonds renewing its position that the South American country fulfill its 1.3 billion dollar pay obligation.

“Argentina´s defying years can not be cured with a warped offer giving claimants more bonds that worth cents of dollars,” NML Capital and Aurelius investment firms affirmed in a statement issued to the New York Court of Appeals.

Vulture funds delivered their 30-page presentation three days ahead of the April 22 deadline they had to accept or decline Argentina’s proposal.

By the end of 2012, the Appeals Tribunal ratified a ruling by New York Federal Judge Thomas Griesa favoring NML and Aurelius in their long-standing dispute over Argentina’s 2001 defaulted bonds when the South American collapsed and defaulted.

Setbacks in the official strategy -that could lead to Argentina’s default-, have led the administration of Cristina Fernández de Kirchner to offer back in March a debt payment under the same conditions accepted by most bondholders during the 2010 debt swap.

Argentina restructured more than 92 per cent of its defaulted bonds in 2005 and 2010 reaching a 70 per cent debt acquittance.

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Tags:  Argentina  bondholders  New York appeals court  vulture funds  

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