Friday, February 12, 2016 Pollack: 'Other parties have expressed interest in settling with Argentina'

Friday, February 12, 2016

Pollack: 'Other parties have expressed interest in settling with Argentina'

In the midst of ongoing and intense negotiations in the US courts between the administration of President Mauricio Macri and holdouts to reach an agreement, special master Daniel A. Pollack today issued a statement reiterating “two major holdouts reached agreements in principle with Argentina to settle their claims and claims by four other large holdouts were not resolved this week, but intensive discussions between and among high-ranking Argentine Government officials, principals of those four firms and me have continued through the week”.

“I do not know whether agreements in principle will be reached with these four Bondholders, but I will continue to do everything in my power to see that it happens,” Pollack affirmed.

“Other parties with substantial holdings of defaulted Argentine bonds, beyond the four remaining large “holdouts,” have come forward, expressed interest in settling, and are in the process of attempting to reach agreements in principle with Argentina.  I will have no further statement on this matter today,” he added.

Complete statement of Daniel A. Pollack: 

This has been an eventful week in the negotiations between Argentina and its “holdout” Bondholders. As I had announced in a previous statement, two major “holdouts” reached agreements in principle with Argentina to settle their claims. Those two agreements in principle aggregated, between them, well over $1 billion. 

Claims by four other large “holdouts” were not resolved this week, but intensive discussions between and among high-ranking Argentine Government officials, principals of those four firms and me have continued through the week. These discussions have gone late into the night and will continue. 

I do not know whether agreements in principle will be reached with these four Bondholders, but I will continue to do everything in my power to see that it happens. Any and all agreements in principle are subject to (1) the lifting of the Lock Law and the Sovereign Payment Law by the Argentine Congress and (2) the lifting or dissolution of the Injunction put in place by Hon. Thomas P. Griesa. 

Argentina has taken steps in this direction. Other parties with substantial holdings of defaulted Argentine bonds, beyond the four remaining large “holdouts,” have come forward, expressed interest in settling, and are in the process of attempting to reach agreements in principle with Argentina. I will have no further statement on this matter today.