Saturday
November 29, 2014
Tuesday, July 1, 2014

'Vulture funds': Repsol, Paris Club models for Argentine agreement

One of the hedge funds involved in the lawsuit against the Argentine government over unrestructured debt has pointed to the agreements struck with Spanish petrol conglomerate Repsol and the Paris Club are good examples for the basis of an eventual pact.

If the Cristina Fernández de Kirchner administration fails to reach an understanding with the holdout investors, it could lead to the nation defaulting on debt owed to those who entered restructuring as a result of judge Thomas Griesa's refusal to authorise the payment.

"The structures of the agreements with Repsol and the Paris Club are very good models for how we could see a deal for unpaid bondholders," Jay Newman, accounts chief at Elliot Management, told CNBC today.

The US court system has ordered Argentina to pay 1.33 billion dollars to the holdouts, led by Elliott and Aurelius Capital Management, plus interest.

"In the Paris Club case, and this is very important and telling, Argentina, after more or less the same time as we have been dealing with our demands, recognised the Paris Club's total demand - principal, interest and penalties - and agreed to pay a part in cash and the majority in bonds," Newman added.
  • CommentComment
  • Increase font size Decrease font sizeSize
  • Email article
    email
  • Print
    Print
  • Share
    1. Vote
    2. Not interesting Little interesting Interesting Very interesting Indispensable
Tags:  Vulture Funds  Argentina  elliott  





22
  • Comment
  • Increase font size Decrease font size
  • mail
  • Print

COMMENTS >

Comment




Grupo ámbito ámbito financiero ambito.com Docsalud AlRugby.com Premium El Ciudadano El Tribuno Management

Director: Orlando Mario Vignatti - Edition No. 4325 - This publication is a property of NEFIR S.A. -RNPI Nº 5177376 - Issn 1852 - 9224 - Te. 4349-1500 - San Juan 141 , (C1063ACY) CABA