Wednesday, April 6, 2016
Argentina reaches new agreements with holdout creditors
The Argentina government has reached two new agreements with holdout creditors, Special master Daniel Pollack informed in a statement this afternoon.
"The Republic today signed Agreements in Principle with Red Pines and Spinnaker, funds managed by Varde Partners and Spinnaker Capital, Ltd., for an aggregate of just under $250 million", the statement explained.
"The lifting of the Lock Law and the Sovereign Payment Law by the Congress of the Republic, a requirement in all settlements with the Republic, has been met, and Judge Griesa issued an Order on March 2 which will lift the Injunction if certain other conditions are met with respect to payment by the Republic. That Order is now before the Court of Appeals, which will hear oral argument next week, on April 13. If the Order is affirmed, this settlement will become final and binding on the parties. I will have no further comment at this time,” he added.