Friday
October 31, 2014
Wednesday, July 2, 2014

Buenos Aires, Neuquén confirm payment to bondholders in NY

Argentine provinces of Buenos Aires and Neuquen confirmed they will meet their foreign debt’s deadlines at the end of the month despite the federal government’s risk of default after US Judge Thomas Griesa blocked the funds deposited for restructured bondholders.

Both provincial governments will be the first to pay foreign creditors in New York after Griesa’s decision last week. Buenos Aires faces a 40-million dollars deadline on July 26, while Neuquén has to pay 21,8 million dollars before that date.

Buenos aires “will pay in due time and form,” said a spokesperson from the provincial Economy Ministry, stressing that Griesa’s decision has no effect in the province’s economy.

Meanwhile, Neuquén’s Economy Minister Omar Gutiérrez said the province is not involved in any legal battle with its bondholders and that it is paying “in due time and form, both local and foreign bonds”.

Griesa’s ruling orders the federal government to pay holdout hedge funds and the Judge prohibited New York banks to allow payment on Argentina’s restructured bondholders until holdouts are paid.

Provincial funds are not affected by Griesa’s ruling and cannot be subjected to embargoes since, legally, they are not National government's property.

  • 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  provinces  Griesa  Neuquén  Buenos Aires  debt  bondholders  payment  Argentina  





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. 4297 - This publication is a property of NEFIR S.A. -RNPI Nº 5177376 - Issn 1852 - 9224 - Te. 4349-1500 - San Juan 141 , (C1063ACY) CABA