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Holdout creditor says Argentina not negotiating
July 11, 2014 / 11:11 PM / in 3 years

Holdout creditor says Argentina not negotiating

NEW YORK, July 11 (Reuters) - 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 company spokesman.

“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)

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