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Sep 27, 2015 | marknesop.wordpress.com
et Al, September 26, 2015 at 1:44 pmhttp://blogs.wsj.com/moneybeat/2014/06/30/argentina-vs-bondholders-the-epic-saga/
The Argentine government managed to restructure about 93% of that debt through heavily discounted bond exchanges in 2005 and 2010. But a small group of investors refused to tender their defaulted bonds for new securities, and they have hounded Argentina in courts across the globe for close to a decade seeking full repayment.
As part of the restructuring process, Argentina drafted agreements in which repayments would be handled through a New York corporation and governed by United States law. The holdout bondholders found themselves unable to seize Argentine sovereign assets in settlement, but realized that Argentina had omitted to provide for holdout situations and had instead deemed all bonds repayable on pari passu (equal) terms that prevented preferential treatment among bondholders. The holdout bondholders therefore sought, and won, an injunction in 2014 that prohibited Argentina from repaying the 93% of bonds that had been renegotiated, unless they simultaneously paid the 7% holdouts their full amount due as well. Together with the agreement's Rights Upon Future Offers ("RUFO") clause, this created a deadlock in which the 93% of renegotiated bondholders could not be paid without paying the 7% holdouts, but any payment to the holdouts would potentially (according to Argentina) trigger the 93% being due repayment at full value too; a sum of around $100 billion which Argentina could not afford. The courts ruled that as Argentina had itself drafted the agreement, and chosen the terms it wished to propose, it could not now claim the terms were unreasonable or unfair, and that this could not be worked around by asserting sovereign status since the injunction did not affect sovereign assets, but simply ruled that Argentina must not give preferential treatment of any group of bondholders over any other group when making repayments.
…NML Capital Limited, a Cayman Islands-based offshore unit of Paul Singer's Elliott Management Corporation, purchased many holdings in 2008, paying an estimated USD49 million for one series of bonds whose face value was over USD220 million; with the subsequent boom in Argentine bond values, this face value grew to USD832 million by 2014. They in turn established the American Task Force Argentina lobbying group against Argentine bond restructuring efforts, and sued to enjoin Argentina's ongoing payments to the bondholders who had participated in the earlier restructurings.
Nothing can stop red blooded capitalists! I suspect that death is but a minor inconvenience.
ucgsblog, September 26, 2015 at 1:55 pm
And this is what awaits Ukraine. Welcome to Capitalism Kiev, please read the small font. Oh, you don't read? Wonderful! We shall have a good time doing business together! How much for Dnepropetrovsk?
Warren, September 26, 2015 at 2:24 pm
These hold-out creditors aren't called fondo buitre for nothing!!!!!