Monday, June 30, 2014

NML Capital: 'Argentina has refused to negotiate'

NML Capital holdout investors in Argentine sovereign debt said today they have not met with the government to negotiate a settlement on defaulted debt, and accused the government of refusing to enter talks.

"Argentina's professed willingness to negotiate with its creditors has proven to be just another broken promise. NML is at the table, ready to talk, but Argentina has refused to negotiate any aspect of this dispute," said Jay Newman, senior portfolio manager at Elliott Management, which runs NML Capital Ltd, one of the lead holdouts in the case.

Argentina last Thursday deposited a regularly scheduled coupon payment due June 30 for restructured bonds without also making a court ordered payment to holdout investors at the same time.

The government has until July 30, the end of a 30-day grace period, in which to come to an agreement and settle the long-standing legal dispute or fall into default for the second time in 12 years