[snap]: Holdouts funds say no thanks to Argentina offer
Well, little surprise here. Holdout funds, led by Elliott, the US fund, rejected late Friday Argentina’s offer to pay them only on the same terms as two previous debt swaps.
In a filing with the Second Circuit Court of Appeals on Friday, the holdouts said Argentina continued to show “contempt for its obligations, the laws of the United States, and the orders of U.S. courts.” They claimed they are owed $1.4bn in principal and interest on the bonds.
You can read the filing in full here. (h/t Joseph over at Alphaville).
So now what? Barring more surprises (such as the Court of Appeals) going back to any of the parties for more information), the curtain will have risen for the final act – a ruling. No one knows for sure, but lawyers guess it will take the appeals court anything from a couple of weeks to several months to rule.
Watch this space.
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