NEW YORK Jan 25 Investors who refused to
participate in two sovereign debt restructurings by Argentina
are urging a U.S. court to force the country to pay them, in a
case that could have far-reaching implications on the ability of
emerging market countries to borrow money.
In written arguments submitted to the 2nd U.S. Circuit Court
of Appeals in New York, some "holdout" creditors said the South
American country must pay them if it also intends to make
scheduled payments to holders of its restructured bonds.
Argentina is seeking to have the appeals court overturn a
finding in favor of the holdouts, who are led by NML Capital
Ltd, part of a firm run by billionaire hedge fund manager Paul
Singer, and the Aurelius Capital Management funds.
In Friday's court filing, Aurelius urged that the injunction
ordering payments be upheld, saying it is "hardly an injustice"
that Argentina pay debts it has owed for a decade.
The appeals court has set a new hearing in the case for Feb.
The case is NML Capital Ltd et al v. Argentina, 2nd U.S.
Circuit Court of Appeals, No. 12-105.