Bloomberg News

Argentina Seeks Creditor Support in Holdout Case, Cronista Says

November 12, 2012

Argentine President Cristina Fernandez de Kirchner is counting on holders of the country’s restructured debt to argue in a New York court that Argentina shouldn’t pay owners of defaulted debt when it makes interest payments on more than $3 billion of restructured bonds next month, El Cronista said.

David Martinez, owner of New York-based Fintech Advisory Inc., and Gramercy Advisors LLC, a hedge fund in Greenwich, Connecticut, are among the 15 institutional investors expected to back the country’s arguments against a so-called pari passu clause, which requires that all bondholders should be treated equally, the Buenos Aires-based newspaper said today, without disclosing how it got the information.

On Nov. 16, Judge Thomas Griesa will hear the parties ahead of deciding whether Argentina is obliged to pay so-called holdouts. Argentina also wants other institutions such as the Bank Of New York (BK:US) Mellon Corp, trustee of the notes, to support its case.

To contact the reporter on this story: Pablo Gonzalez in Buenos Aires at pgonzalez49@bloomberg.net

To contact the editor responsible for this story: James Attwood at jattwood3@bloomberg.net


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