October 24, 2014
Euro bondholders request ‘temporary stay’ from Griesa
A group of bondholders urged US Federal judge Thomas Griesa to apply a “temporary stay” from January 1st until January 15, 2015, or at least a 90 day measure in order to resolve current negotiations and prevent a new default.
In a request directed to Griesa, the bondholders claimed the court “can facilitate a solution and prevent a potential default by emitting a temporary stay,” while adding that this kind of measure “would not harm the litigants, nor any other person because it would maintain the status-quo, while the parties discuss the RUFO [Right Upon Future Options] clause.”
The document cited by Télam news agency warned that “refusing the stay order could bring the country into default, causing a serious and unpredictable harm to millions of innocents Argentine citizens, litigants, debt swap bondholders and the global economy as well”.
Knighthead Capital Management, Redwood Capital Managementm Perry Capital, VR Global Partners, Monarch Master Funding 1 (Luxemburg), QVT Financial, and Centerbridge Partners were the members of Euro bondholders who carried out the request.
At this time, the Argentine delegation is having a meeting with Special Master Daniel Pollack in New York.