Argentina: The group of interested non-parties in lawsuit in US courts gets larger.

Florencia Vazquez,Gustavo Arruda,Marcelo Carvalho,Nader Nazmi - Market Economics
Daily Latam Spotlight | 13 Dec 2012 06:00 |

Argentina: The group of interested non-parties in lawsuit in US courts gets larger.

ARGENTINA

Another fund joins the group of interested non-parties to appeal the District Court orders adversely affecting Argentina. Fintech Advisory Inc. filed a brief before the Court of Appeals for the Second Circuit, thus joining the group of interested non-parties appealing Judge Griesa's ruling that lifted the stay in place and ordered Argentina to make a payment into an escrow account for the benefit of holdout creditors. Unless this payment was made, the Judge made it impossible for Argentina to continue servicing performing debt issued in the two 2005 and 2010 debt exchanges. The stay was later reinstated by the Appeals Court.

According to local press reports, Fintech would have also said to Argentine authorities that it is willing to start a round of talks with holdout creditors in order to convince them to participate in a (potential) third debt restructuring or, alternatively, to purchase their holdings of defaulted bonds.

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