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H. Chamber of Deputies 2016 BICENTENNIAL OF THE YEAR
Budget and Finance Committee STATEMENT NATIONAL INDEPENENCIA "
Expte. 0001-PE-16
MAJORITY OPINION
Chamber:
Commissions Budget and Treasury and Finance have
It considered the Message No. 436 and the bill by which fosters
adoption of various measures to cancel the debt in default;
and, for the reasons stated in the report accompanying and that will give the
Rapporteur Member, advise the sanction of the following:
BILL
The Senate and Chamber of Deputies, ...
Article 1 .- Revoke Laws Nos. 26,017, 26,547 and 26,886, and its rules
regulations and complementary Articles 1 to 11 inclusive, the last paragraph of Article
12 and Articles 13 to 15 of Law No. 26,984, as well as any other law, decree or
standard that is contrary to or inconsistent with the provisions of this law.
ARTICLE 2 .- Amend Article 42 of Law No. 27,198, which shall read
Following way:
"ARTICLE 42.- Authorize the Executive Branch, through the
MINISTRY OF FINANCE AND PUBLIC FINANCES, to proceed with the normalization of
services of public debt referred to in Article 41 of this Law, under the terms
Article 65 of the Law of Financial Administration and Control Systems Sector
National Public, No. 24,156, as amended, being empowered POWER
National Executive to perform all acts necessary for the conclusion of
that process, in order to adapt its services to the payment possibilities STATE
NATIONAL over the medium and long term.
The MINISTRY OF FINANCE AND PUBLIC FINANCES report
quarterly to the HONORABLE CONGRESS OF THE NATION, the progress of the negotiations and
the agreements that arrive during the negotiation process.
H. Chamber of Deputies 2016 BICENTENNIAL OF THE YEAR
Budget and Finance Committee STATEMENT NATIONAL INDEPENENCIA "
This report shall incorporate an updated database in which
identify the agreements, court or arbitration proceedings ended, the
principal amounts and the amounts canceled or to cancel each agreement and the level of
implementation of the authorization level of debt that is provided through Article 6 °
of this law.
In addition, they must be accompanied by certified copies of the agreements reached,
and its translation into Castilian language if applicable.
With the same periodicity MINISTRY OF FINANCE AND PUBLIC FINANCES
shall report the progress of management aimed at the normalization of service titles
public issued within the framework of the restructuring of public debt arranged by
Decrees 1735/2004 and 1583 / 2010.-
The final court rulings issued against the provisions of the Act
25561, Decree No. 471 dated March 8, 2002, and related legislation,
backsliding on such securities, they are included in the deferral indicated in Article 41 of the
this law ".
ARTICLE 3 .- Ratifícanse cancellation agreements concluded between the REPUBLIC
ARGENTINA and holders of government securities (and / or their representatives) that were eligible
for the trade provisions of Decree No. 1735 dated December 9, 2004 and its regulations
complementary, which had not been submitted to such exchange or the provisions of Decree
No. 563 dated April 26, 2010 (Eligible Securities), which as Annex I,
copy in English and Spanish language translation, are an integral part of the
this law.
It allows the MINISTRY OF FINANCE AND PUBLIC FINANCE as
Enforcement Authority of this Act, to extend the respective maturity
established in the agreements mentioned cancellation.
ARTICLE 4 .- Authorize the implementing authority to make amendments and / or addenda to
cancellation agreements referred to in the preceding article while not affecting
object or their economic conditions, as well as to perform all acts necessary
to cancel the debt owed to holders of Eligible Securities (and / or its
H. Chamber of Deputies 2016 BICENTENNIAL OF THE YEAR
Budget and Finance Committee STATEMENT NATIONAL INDEPENENCIA "
representatives) not covered by the agreements estuvieren cancellation referred to in
the preceding article, including the signing of agreements and other instruments.
In order to implement the signing of the agreements referred to in paragraph
above, the Enforcement Authority may offer:
a) all holders of Eligible Securities, a payment equal to the amount of
principal amount outstanding of its securities plus a fifty percent (50%) of the
principal amount (Offer Base). In any case, the amount payable may exceed
amount recognized by any judgment with respect to such securities more
corresponding to the application of legal interest as of January 31 legal update
2016.
The Base Offer will be implemented and implemented through:
 i) the signing of debt cancellation; Y
ii) a national and international offer of cash payment on delivery of Titles
Eligible public ( "cash tender offer," according to its name in English).
With respect to holders of Eligible Securities who initiated
claims before the District Court for the Southern District of New York, USA
AMERICA, grouped in a class action is authorized to agree on a sum
Additional to cover the administrative costs necessary to notify those
I are included in the respective class, under the terms of the Agreement under
section 4 of Annex I.
THE NATIONAL EXECUTIVE not assume any expense or charge over
with respect to other holders of Eligible Securities covered in the Offer
Base.
b) Those holders of Eligible Securities whose claims were
included in court orders issued by the District Court for the Southern District
New York, UNITED STATES, dated February 23, 2012, and
amended as of November 21, 2012 (the "Order" PariPassu "Original") and date
October 30, 2015 (the "Order" PariPassu "Me Too" and together with the Order
"PariPassu" Original, the "Orders PariPassu"), the provisions under the Offer Base
subsection a) precedenteo, at its option, the following proposal (the "Offer" PariPassu ""):
H. Chamber of Deputies 2016 BICENTENNIAL OF THE YEAR
Budget and Finance Committee STATEMENT NATIONAL INDEPENENCIA "
i) those holders of Eligible Securities which they would be achieved by
Orders "PariPassu" which they come down with a monetary judgment, delivered with
prior to 1 February 2016, that it finds the debt arising from Titles
Eligible public under his tenure, a payment equal to seventy percent
(70%) of legal claims (including the amount recognized in that judgment and
legal interest from the date of the judgment until 31 January
2016) and
ii) to those holders of Eligible Securities which they would be achieved by
Orders "PariPassu" not they come down with a monetary judgment, delivered with
prior to 1 February 2016, that it finds the debt arising from Titles
Eligible public under his tenure, a payment equal to seventy percent
(70%) of legal claims (including principal plus accrued amounts
as the contractual interest rate and the interest rate by regulations
"Statutoryinterestrate" -on the contractual interest rate until 31 January 2016,
under the laws of the State of New York, UNITED STATES OF AMERICA).
ARTICLE 5 .- The payments under the provisions of Articles 3 and 4 ° shall be made
dictated before a judicial order of the competent federal courts STATES
STATES that has and involving the automatic lifting and cash from
Orders "PariPassu" in the terms of the so-called Tentative Order 62.1 (in language
English, "IndicativeRuling 62.1") issued by the District Court for the Southern District of New
York, UNITED STATES OF AMERICA, dated 19 February 2016 and order
Court of Appeals for the Second Circuit that country on 24 February
2016 and with the proviso that reaches all the precautionary measures ( "injunctions") issued
against ARGENTINA REPUBLIC by such courts.
ARTICLE 6 .- hereby ordered through the Enforcement Authority and under the present
law, the issuance of Treasury bonds of the Nation and / or hiring other operations
H. Chamber of Deputies 2016 BICENTENNIAL OF THE YEAR
Budget and Finance Committee STATEMENT NATIONAL INDEPENENCIA "
public borrowing for up to an original nominal value of US dollars and / or other
coins necessary to meet the payments required under this Act
being expanded accordingly, the General Budget of the National Administration
for Fiscal Year 2016, approved by Law No. 27,198.
The Enforcement Authority will allocate the proceeds of these issues in the
preceding debt cancellations under this law paragraph. If
issue amount exceeds the amount of payment required under this Act, the surplus will be
imputed to the existing authorization of public debt under the General Budget
the National Administration for Fiscal Year 2016, approved by the 27,198
ARTICLE 7 .- The holders of Eligible Securities who wish to participate in
any cancellation operation is carried out under the provisions of this
Law shall waive all rights they are entitled to under the aforementioned
titles, including those rights which had been recognized by any sentence
judicial or administrative, arbitration award or decision of any other authority, dictated in
any jurisdiction and waive and release the ARGENTINA REPUBLIC of any action
judicial, administrative, arbitration or otherwise, initiated or which may be initiated in the
future with respect to such securities or obligations of the ARGENTINA REPUBLIC
arising therefrom, including any action to receive services or capital
interests of such securities or any other accessory or expense accreted.
ARTICLE 8 .- authorize the enforcement authority to include clauses establishing the
extension of jurisdiction in favor of foreign courts, and provide for the waiver
oppose the defense of sovereign immunity claims exclusively against the
jurisdiction to be extended and in relation to the agreements concluded and emissions
public debt to be carried out in accordance with the provisions of this law.
The resignation oppose the defense of sovereign immunity does not imply waiver
some regarding the immunity of the REPUBLIC ARGENTINA regarding implementation
of the goods listed below:
a) any reserve CENTRAL BANK OF ARGENTINA;
b) any property belonging to the public domain located in the territory of the Republic
ARGENTINA, including those covered by Articles 234 and 235 of the Civil Code and
Commercial Office;
H. Chamber of Deputies 2016 BICENTENNIAL OF THE YEAR
Budget and Finance Committee STATEMENT NATIONAL INDEPENENCIA "
c) any well located within or outside the Argentine territory to provide a service
essential public;
d) any property (whether in the form of cash, bank deposits, securities, obligations
third parties or any other means of payment) of the ARGENTINA REPUBLIC, its agencies
government and other government entities related to the implementation of
budget, within the scope of Articles 165 to 170 of the Complementary Law
Permanent Budget No. 11,672 (T.O. 2014);
e) any goods reached by the privileges and immunities of the Vienna Convention
1961 on Diplomatic Relations and the Vienna Convention on Relations
Consular 1963, including, but not limited to, goods, facilities and accounts
Argentine missions;
f) any property used by a diplomatic, governmental or consular mission
ARGENTINIAN REPUBLIC;
g) taxes and / or royalties owed to the ARGENTINA REPUBLIC and rights
ARGENTINA REPUBLIC to raise taxes and / or royalties;
h) any good military character or under the control of a military authority or agency
ARGENTINA REPUBLIC defense;
i) any property forming part of the cultural heritage of the ARGENTINA REPUBLIC; Y
j) goods protected by any law of sovereign immunity is applicable.
ARTICLE 9 .- authorize the enforcement authority to perform all acts
necessary to comply with the provisions of this Act, including, without limitation,
to:
a) determining the periods and deadlines for participation in tenders cancellation
debt;
b) determining the times, periods, methods and procedures of issuance of
new government securities;
c) the designation of financial institutions participating in the placement of new
government bonds and other debt securities hiring public credit;
H. Chamber of Deputies 2016 BICENTENNIAL OF THE YEAR
Budget and Finance Committee STATEMENT NATIONAL INDEPENENCIA "
d) the signing of agreements with financial institutions underwriters of new securities
public airing, being provided for this purpose, payment of commissions conditions
market, which in no case may exceed zero point twenty percent (0.20%)
the amount of emission;
e) the preparation and registration of a program of government securities to agencies
control of major international capital markets;
f) the signing of agreements with fiduciary agents, payment agents
information, police custody, agents registration and rating agencies
risk necessary for both debt cancellation operations as
issue and placement of new government securities, foreseeing the payment of
fees and expenses related market conditions; Y
g) payment of other necessary expenses of registration, printing, distribution of leaflets,
translation and other associated costs, which must be under market conditions in order
to comply with the provisions of this law.
ARTICLE 10. Exímese operations covered by this law payment
all taxes and existing and established in the future national contributions, and
exchange restrictions that may apply to the transactions referred to in
this Act.
Declare that the instruments, means and concerted operations or
concluded under the provisions of this Act and its regulations and
complementary instruments are immune Federal Government to the powers
local government tax.
Article 11. Excepted the operations covered by this law of the
provisions of Articles 7 and 10 of Law No. 23,928 and its amendments, and what
established under Article 765 of the Civil and Commercial Code of the Nation.
ARTICLE 12. The Application Authority within sixty (60) days
from compliance with the condition of Article 5 of the present law, take all
necessary measures designed to standardize the service of public securities issued
H. Chamber of Deputies 2016 BICENTENNIAL OF THE YEAR
Budget and Finance Committee STATEMENT NATIONAL INDEPENENCIA "
framework of the restructuring of public debt arranged by Decrees Nos. 1,735 of
dated December 9, 2004 and 563 dated 26 April 2010 (hereinafter, the "Titles
Restructured public "), including:
i) the regularization of the situation of The Bank of New York Mellon as trustee in
Under the Trust Agreement dated June 2, 2005, as amended on 30
April 2010 (the "Indenture");
ii) if necessary, hiring another institution that meets the agent functions
trustee as set forth in the Indenture; Y
iii) the issuance of the necessary instructions for the transfer of available
funds deposited in the account "Fund Law No. 26,984 Sovereign Debt Payment
Restructured "nationhood TRUSTS SOCIEDAD ANÓNIMA on BANK
CENTRAL OF ARGENTINA corresponding accounts The Bank
of New York Mellon, or the entity that replaces it as trustee agent under
the Indenture, in the CENTRAL BANK OF ARGENTINA REPUBLIC
to apply to the payment of such securities. Until the contractual situation normalizes
with The Bank of New York Mellon as trustee under the Indenture,
the Enforcement Authority may transfer funds corresponding to the future
Maturities of Government Securities Restructured to NATION TRUSTS
SOCIEDADANÓNIMA, entity that by this act servicer is designacomo
transient for later transfer to the trustee under the Convention
Trust without the provisions of this Article entail modification to
said Indenture.
ARTICLE 13.- hereby appointed to the MINISTRY OF FINANCE AND PUBLIC FINANCE as
Enforcement Authority of this Act, may issue clarifying rules and
Further it may be necessary to implement the implementation of this
rule. It may delegate to the authorities designated by it the powers conferred
by this law.
H. Chamber of Deputies 2016 BICENTENNIAL OF THE YEAR
Budget and Finance Committee STATEMENT NATIONAL INDEPENENCIA "
ARTICLE 14.- hereby empowered to Chief of the Cabinet of Ministers to make the
budget adjustments that are relevant to comply with the
provisions of this law.
ARTICLE 15. Payments under this Act shall be served under the
budget item "Fees and Expenses of the Public Debt" for the
Jurisdiction 90.
ARTICLE 16.- This law is of public order and will take effect from the day 1
April 2016.
ARTICLE 17.- Contact the National Executive Power.
 Room commissions, March 8, 2016
H. Chamber of Deputies 2016 BICENTENNIAL OF THE YEAR
Budget and Finance Committee STATEMENT NATIONAL INDEPENENCIA "
ANNEX I
Ratification of agreements termination
1. Agreement signed with the Associazione per la tutela degliinvestitori in titoliargentini
(TaskForce Argentina) as of January 31, 2016
2. MS Lt Agreement signed in date February 3, 2016
3. Agreement signed MontreuxPartners L.P. as of February 3, 2016
4. Agreement signed with the class Brecher date February 16, 2016
5. Agreement signed with MarketsFinancialServices Capital Inc. on February 17
2016
6. Agreement signed with Old Castle Holdings, Ltd. as of February 18, 2016
7. Agreement signed with LightwaterCorporationLimited on 18 February
2016
8. Agreement signed with VR Global Partners, LP as of February 19, 2016
9. Agreement signed with Procella Holdings LP as of February 19, 2016
10. Subscribed Capital Ventures International Agreements on 19 February
2016
11. Agreement signed with PiolMaurizio Lorenzo as of February 23, 2016
12. Agreement signed with Martin Vefling and ArildVeflingen dated February 23, 2016
13. Pascoli agreements entered into with Carlina as of February 24, 2016
14. Agreement signed with Schivardi Dissette Carlo and Adriana dated 24 February
2016
15. Agreement signed with Roberto Fiore as of February 25, 2016
16. Agreement signed with BiaginiAlfio as of February 26, 2016
17. agreements entered into with Renzo Beltramo and Paola Botta on 26 February
2016
18. Gerhard agreements entered into with Tenner as of February 26, 2016
19. Agreement signed with Paolo and Paola Ercolani Adriana Aiello on February 28
2016
20. Agreement signed with Tortus Capital Master Fund LP on 29 February
2016
21. Agreement signed with NML Capital, Ltd., Aurelius Capital Master, Ltd., ACP
Master, Ltd., AureliusOpportunitiesFund II, LLC, Aurelius Capital Partners, LP, Blue
H. Chamber of Deputies 2016 BICENTENNIAL OF THE YEAR
Budget and Finance Committee STATEMENT NATIONAL INDEPENENCIA "
Angel Capital I, LLC, OlifantFund, Ltd., FYI, Ltd. and FFI Fund, Ltd. on 29
February 2016