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December 21, 2014
Thursday, August 7, 2014

Bond dispute: US judge Griesa to hold new hearing tomorrow

New York District judge Thomas Griesa has scheduled a hearing at 4 pm local time tomorrow to address Argentina's recent public statements over their attempts to pay creditors, a court official said.

Representatives of both the country and holdout investors have been called to the hearing, which will take place in New York.

Griesa, who has blocked Argentina from paying holders of restructured bonds unless it also pays hedge funds that rejected the terms of debt restructurings in 2005 and 2010, set the hearing after Argentina continued to press the Bank of New York to deliver US$539 million in bond payments.

The funds represent interest services to creditors who entered debt restructuring in 2005 and 2010, but who have been unable to receive payment as the deadline of July 30 passed without an agreement between Argentina and vulture funds.

Griesa has ordered the Bank of New York to hold the Argentine funds and has said the country's attempt to pay restructured bond holders was illegal.

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Tags:  Vulture funds  Argentina  Griesa  negotiations  





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