His ruling came despite requests from lawyers representing a majority of the creditors for him to keep in place orders that protect creditors until the remaining 15% of bondholders protected by the court actions can settle their claims.
On Tuesday, the judge heard those lawyers ask for a month long delay of a decision to lift his orders. He has said his orders protecting creditors can expire once Argentina clears legislative obstacles and makes full payment on deals it reached by Monday.
Creditors holding about US$8 billion in bonds have settled. Remaining creditors hold less than US$2 billion in bonds.
The creditors went to court in New York after Argentina in 2001 defaulted on US$100 billion in bonds. Argentina invited all its bondholders to swap their bonds at steep discounts for new bonds in 2005 and 2010.
The judge's orders blocked Argentina from making payments through U.S. financial institutions to roughly 93% of its bondholders who agreed to exchange their bonds for 25% to 29% of their original value. He said Argentina would have to pay those who refused the swaps all of their investment or negotiate a deal with them.
For years, Argentina refused, but that suddenly changed when President Mauricio Macri took office on Dec. 10.
- The judge noted that Macri addressed the Argentine Congress on Tuesday to urge approval of settlements. The judge also said he expects Argentina to continue to negotiate with those plaintiffs who have not settled.
Some lawyers for plaintiffs complained Tuesday that they had not had a chance to negotiate with Argentina because larger bondholders got to meet with the court-appointed mediator first. The judge said Wednesday that those claims “are exaggerated.”
The injunctions at issue prevented Argentina from servicing its restructured debt until it paid the holdout investors.
[mercopress.com]
3/3/16
--
-
Related:
---
Vultures case - Argentina: Griesa rules in favor of 'me too' bondholders
Argentina opposes "me-too" claims for $5.4 bln in US Courts
Judge Griesa blocks Citigroup from processing Argentine bond payments
Argentina faces u$s4.7 billion claim in 'me too' debt suits
Another hedge fund sues Argentina for u$s835 mln in defaulted bonds
Una Corte de EE.UU. falló contra Griesa y limitó el número de demandantes
GR
FR
DE
ES
IT
RU
EU
El juez neoyorquino Thomas Griesa levantó ayer las medidas cautelares que le impedían a la Argentina concretar pagos a los bonistas que adhirieron a los canjes de 2005 y 2010, y que forzaron la negociación con los holdouts luego de llevar al país al "default técnico"...
ReplyDeleteSin embargo, la medida no entrará en vigor en forma inmediata, sino que está atada a ciertas condiciones, entre ellas la derogación por parte del Congreso argentino de las leyes cerrojo y de pago soberano.
Un día después de escuchar argumentos de 14 abogados, la mayoría de ellos, en contra de su anticipada decisión de levantar las medidas cautelares, o injunctions, Griesa le dio luz verde a una moción presentada por la Argentina y volvió a denegar un pedido de los fondos buitre que lideraron la ofensiva judicial contra el país.
"El tribunal no toma a la ligera la decisión de levantar las medidas cautelares", escribió Griesa, en una orden y una opinión de cinco páginas. "Pero, en última instancia, las circunstancias han cambiado de manera tan significativa como para declarar las medidas cautelares inequitativas y perjudiciales para el interés público", completó el juez en su escrito.
Su orden no entrará en vigor aún. De acuerdo con la hoja de ruta que propuso la Argentina, y a la que accedió el juez, el Congreso argentino debe en primer lugar derogar la ley cerrojo y la ley de pago soberano, y luego debe cancelar todos los acuerdos firmados con los holdouts hasta el 29 de febrero, incluidos los 4653 millones de dólares para los fondos buitre NML, Aurelius, Blue Angel y Olifant, que lideraron la demanda pari passu contra el país y en la cual se dictaron las cautelares......lanacion.com.ar
3/3/16