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France backs Argentina in court battle with creditors -Telam
July 26, 2013 / 2:15 PM / in 4 years

France backs Argentina in court battle with creditors -Telam

BUENOS AIRES, July 26 (Reuters) - France has asked the U.S. Supreme Court to review Argentina’s case in its decade-old legal battle with holdout creditors, Argentina’s state news agency Telam said on Friday, citing unnamed legal sources familiar with the situation.

The South American country is in a legal fight against holders of defaulted bonds who chose not to go along with restructurings in 2005 and 2010 in which 93 percent of holders accepted returns as low as 25 cents on the dollar.

The holdout creditors are demanding 100 cents on the dollar in a case that may end up before the U.S. Supreme Court, if the court accepts Argentina’s petition to hear the case.

“The French government has filed an amicus brief in support of Argentina’s petition before the Supreme Court,” state news agency Telam said.

Some governments and the International Monetary Fund have voiced worry that a ruling against Argentina would make it more difficult for other countries to restructure their debt.

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