Thursday, May 7, 2015

NML threatens to 'attach' Argentine assets wherever they find them

The so called “vulture fund” NML Capital has denounced Argentina systematically rejects negotiations with holdout investors over their national defaulted debt, and threatened to locate assets from the South American country wherever they can find them.

NML was able to freeze Argentine accounts at two banks in Belgium that belong to the Argentine government, and had previously seized the Fragata Libertad ship in 2012.

"In an absence of a negotiated settlement, our recourse includes locating and attaching Argentine assets where we can find them," NML said in a press release.

The hedge fund did not enter Argentine debt renegotiations in 2005 and 2010 and claims full payment on Argentine defaulted bonds. Last year, New York district judge Thomas Griesa ruled in favor of NML and other investment funds.

The Argentine government offers “vulture funds” to enter debt negotiations in the same conditions as the 2005 and 2010 restructurings, as more than 90 percent of its bondholders did.