NEW YORK, July 11 One lead holdout creditor in
the sovereign debt dispute with Argentina emerged from five
hours of meetings with a court-appointed mediator on Friday
saying the government still refuses to have a negotiation 12
years after its historic default.
"Argentina is still refusing to negotiate with its
creditors, either directly or indirectly, about any aspect of
this dispute, and we have not heard that it has any plans to
change course," Jay Newman, portfolio manager at lead holdout
creditor firm, Elliott Management Corp, told Reuters through a
"Simply put, we have not seen any indication that Argentina
is serious about even beginning a negotiation," Newman said.
Argentina defaulted on roughly $100 billion in sovereign
debt in 2002, with the majority of investors accepting terms
that are generally believed to be among the worst in recent
memory. Holdout creditors have sued and won a court-ordered
judgment of $1.33 billion plus accrued interest.
Elliott and Aurelius Capital Management, are two hedge funds
that specialize in buying up deeply discounted or distressed
debt and negotiating profitable settlements, often through the
use of the courts.
(Reporting by Daniel Bases; Editing by Lisa Shumaker)