Promote Your Attorney Profile on Law.net - Get Found / Earn More!
Melissa Rivers Hires Law Firm to Investigate Joan Rivers’ Death
Melissa Rivers Hires Law Firm to Investigate Joan Rivers’ Death
Lawsuit Could Shake Maine’s Quarantine Laws
Lawsuit Could Shake Maine’s Quarantine Laws
Defective Graphics in MacBook Laptops Lead to Lawsuit Against Apple
Defective Graphics in MacBook Laptops Lead to Lawsuit Against Apple
Communist Party of China Looking for Better Legal System
Communist Party of China Looking for Better Legal System
Your profile matches an open legal position. Apply now!
Legal Job Listings

Argentina Has Defaulted According to S&P

standard and poors

Standard & Poor’s has found that Argentina defaulted after it could not make an interest payment of $539 million due on its discount bonds, according to The New York Times.

The action from Standard & Poor’s occurred on Wednesday and hedge funds in New York tried to reach a last-minute agreement on the debt for the country. There were five hours of mediated  talks on Wednesday, but neither side even came close to an agreement.

Daniel A. Pollack is the court-appointed mediator to the talks. Pollack said, “Unfortunately, no agreement was reached and the Republic of Argentina will imminently be in default.”

Get JD Journal in Your Mail
Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




“Default is not a mere “technical” condition, but rather a real and painful event that will hurt real people: these include all ordinary Argentine citizens, the exchange bondholders  (who will not receive their interest ) and the holdouts ( who will not receive payment of the judgments they obtained in court). The full consequences of default are not predictable, but they certainly are not positive.”

Argentina’s rating on its debt was lowered previously to “selective default” by Standard & Poor’s, who claimed that the country had a grace period of 30 days following the scheduled interest payment due date of June 30 to make the payment on the interest.

The fight goes back to 2001 when Argentina defaulted on tens of billions of dollars of bonds. Later on, the country exchanged the bonds for discounted ones with the majority of its shareholders. A small portion of the shareholders did not accept the new bonds, including Paul Singer’s Elliott Management.

The Argentina government was sued by NML Capital, an affiliate of Elliott. They asked for interest and full payment.

The case went through the United States court system until 2012, when a judge in Manhattan at the federal level issued a ruling that said Argentina could not make its payments to bondholders on exchanges without paying other holdouts.

The ruling was appealed by Argentina and the case moved to the U.S. Supreme Court. The appeal was rejected there just last month.

A spokesman for NML said, “During this process, the Special Master proposed numerous creative solutions, many of which were acceptable to us. Argentina refused to seriously consider any of them, and instead chose to default.”

Standard & Poor's Said Argentina Defaulted by

Tagged: ,

Posted by on July 31, 2014. Filed under Legal News,World News. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

 

 

Job of the Day
Health Supervising Attorney
USA-CA-Pacoima

Be a part of history; join the NLSLA Health Consumer Center (HCC) to lead a team of over 20 advocates that provide a wide-range of health focused advocacy in multiple forums including hotline consumer...

Related Posts: