December 28, 2015 / 11:41 PM / 3 years ago

Argentina looks for 2nd law firm to resolve lawsuit over debt

BUENOS AIRES, Dec 28 (Reuters) - Argentina’s new government is shopping around for a second law firm to help resolve the country’s longstanding battle with creditors suing it over its unpaid debt, a source in the economy ministry said on Monday.

The center-right government of Mauricio Macri will publicly launch its search on Tuesday for a new firm based in New York City to work together with Cleary Gottlieb Steen & Hamilton LLP, said the source, who spoke on the condition of anonymity.

Argentina and the so-called “holdout” bondholders plan to meet in the second week of January to start talks toward settling the legal dispute that stems from the country’s $100 billion default in 2002.

The source said the government expects the negotiations with bondholders to be tough.

Macri has expressed confidence that a deal can be reached in 2016. Doing so would allow Argentina, a financial markets pariah, to regain access to global credit markets and ease an acute shortage of hard currency in Latin America’s third biggest economy. (Reporting By Jorge Otaola, Writing by Mitra Taj; Editing by David Gregorio)

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