Gramercy Says It’s Not Seeking Alternate Argentine Bond Payments
Gramercy Advisors LLC is not in talks with the Argentine government to collect interest payments on restructured debt outside the U.S. and avoid seizures from holders of defaulted bonds, the hedge fund said.
Argentine newspapers La Nacion and Ambito Financiero each reported, without saying where they got the information, that Argentina may make payments overseas after a U.S. appeals court ruled Oct. 26 that the country can’t discriminate against holders of defaulted bonds in favor of those who own securities it restructured following a record sovereign default in 2001.
“Gramercy categorically and forcefully denies having had any discussions with the Republic of Argentina regarding alternative payment methods,” the press office of the Connecticut-based hedge fund wrote in an e-mailed response to questions. “We can confirm that we have hired David Boies as our legal counsel to represent us and other bondholders in this case.”
Norma Madeo, an Argentine Economy Ministry spokeswoman, declined to comment.
U.S. District Judge Thomas Griesa, who will decide how much Argentina should pay the so-called holdouts when it makes distributions due on the nation’s securities next month, will receive filings from Argentina and the group of bondholders tomorrow.
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