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Tuesday, March 3, 2015

Axel Kicillof: 85% of 'me-too' bondholders are vultures

Economy Minister Axel Kicillof (file photo.)
Economy Minister Axel Kicillof (file photo.)
Economy Minister Axel Kicillof (file photo.)

Economy Minister Axel Kicillof rejected the claims of the so-called “me-too” holdouts, the investment funds that have issued petitions to US Judge Thomas Griesa worth up to u$s6 billion, following the u$s1.7 billion already granted by the to NML Capital and Aurelius.

“When I went to New York to discuss face to face, I said that vulture funds were not the only ones, that there would come others and that we would face the same problems again, since they would try to prevent payment to normal creditors,” Kicillof said in a radio interview today.

He went on to say that “there was a trap” in last year’s negotiations. “They wanted us to negotiate and pay u$s1,6 billion –which many economists and politicians said we had to pay- because there were others coming.”

“Now we find out that (Elliot Management Corporation CEO Paul) Singer was among them. 85% of those who petitioned Griesa in this second round are vultures too,” Kicillof stated.

The so-called “me-too” bondholders are a group of creditors who didn’t accept the terms of the 2005 and 2010 restructuring but have not taken legal action against the country and are thus not covered by Griesa’s initial ruling.

The US judge is to decide today if Citibank is allowed to process payment of Argentine-law bonds in a hearing that will also be attended by the holdouts.

Kicillof accused Griesa of making “a legal stew” in Argentina’s legal battle with its holdout creditors that prevents restructured bondholders from receiving payment.

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Tags:  Kicillof  vulture funds  me too  petition  Griesa  debt  bondholders  New York  creditors  US  Citibank  Argentina  





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