Argentina Bondholders Lose Bid to Get State-Court Review
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Holders of Argentina’s restructured debt were denied their request for New York state’s highest court to rule on the meaning of a contract provision at the center of litigation over the country’s defaulted bonds.
A federal appeals court in Manhattan yesterday declined a request by the restructured bondholders to ask the state court to rule on the meaning of an equal-treatment clause governing the defaulted bonds under New York law. Such a referral, which was opposed by Elliott Management Corp.’s NML Capital Fund and other holders of the defaulted bonds, might have delayed resolution of the case by months.