NEW YORK Aug 13 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 One proposal was withdrawn before we could even respond.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
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
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)