|
Argentina Presents Conditions for Debt Repayment
[An Nahar] Argentina on Friday offered two New York hedge funds to repay its debt to them with cash and new bonds on conditions similar to those used in a 2010 debt swap.The South American nation is facing a court order to pay out $1.3 billion (one billion euros) to bondholders on debt it defaulted on during its 2001 financial crisis. The offer was contained in a filing to the New York Court of Appeals. "The Republic proposes, following the terms of the 2010 exchange offer, to compensate plaintiffs with their choice of par or discount," said the document filed by the law firm of Cleary, Gottlieb, Steen & Hamilton, as expected, shortly before midnight. Argentine President Cristina Kirchner has already said she is willing to re-extend the restructuring terms of 2005 and 2010 to hedge funds NML Capital and Aurelius Capital Management, which she has branded "vultures." That offer would repay the investors around 70 percent of their capital in nominal terms as the bonds mature in the next 28 to 33 years. Posted by: Fred 2013-03-31 |
| http://www.rantburg.com/poparticle.php?ID=365194 |