Aurelius sees no realistic private solution in Argentine dispute

NEW YORK Wed Aug 13, 2014 4:32pm EDT

NEW YORK Aug 13 (Reuters) - Argentine holdout creditor Aurelius Capital Management said on Wednesday that after talks with many financial institutions, the prospects for finding a private-settlement solution to the sovereign debt dispute had garnered no realistic proposals.

"That engagement has convinced us that there is no realistic prospect of a private solution," Aurelius said in a statement.

"No proposal we received was remotely acceptable. The entities making such proposals were not prepared to fund more than a small part, if any, of the payments they wanted us to accept. One proposal was withdrawn before we could even respond. And no proposal made by us received a productive response," the statement said.

Aurelius is run by Mark Brodsky, who, along with his former firm Elliott Management Corp, have waged a decade-long battle in the U.S. courts to collect on defaulted Argentine debt from 2002.

These two deep-pocketed firms, known as distressed debt investors, led a small group of holdout investors who won a U.S. court-awarded $1.33 billion plus interest in 2012. It was just one of several lawsuits they brought and have won against Argentina since the Latin American nation defaulted on roughly $100 million in sovereign debt over 12 years ago. (Reporting By Daniel Bases; Editing by Jonathan Oatis)

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