Analysis: Argentine debt investors may let law slide to reach deal

World News: . []

Argentine stockbrokers work on the floor of the Buenos Aires Stock ExchangeBy Daniel Bases NEW YORK (Reuters) - Argentina's prospects for finally closing out its 12-year-old default on $100 billion of debt will depend on more political and legal maneuvering, a motivated U.S. judge and the fatigue of investors, now that it has lost an epic battle with holdout creditors in the U.S. courts. Negotiating a new deal with the holdouts, who have fought to exercise their investor rights through the courts, potentially violates a provision specifically written to stop anyone getting a better deal than bondholders who participated in two prior restructurings in 2005 and 2010. "Most people are not going to do anything about it because once the issue is settled the market is likely to rally," said Varun Gosain, portfolio manager at New York-based Constellation Capital Management with investments in Argentine assets and participated in the exchanges, referring to the value of the bonds. The exchange bondholders hold about $24 billion in debt that is in jeopardy of coming under a technical default.


Read More: LINK 

Published: .

Search for other references to "analysis" on SPi News


Share

Previous StoryNext Story

SPi News is published by Sector Publishing Intelligence Ltd.
© Sector Publishing Intelligence Ltd 2019. [Admin Only]
 
Sector Publishing Intelligence Ltd.
Agriculture House, Acland Road, DORCHESTER, Dorset DT1 1EF United Kingdom
Registered in England and Wales number 07519380.
 
Privacy Policy | Terms and Conditions | Contact Us