Argentina Bond Judge Says Nation May Pay Repsol Bonds
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Argentina will be permitted to make a one-time-only payment this week on some dollar-denominated bonds issued under that nation’s law, the U.S. judge overseeing a legal battle over defaulted bonds ruled.
U.S. District Judge Thomas Griesa in Manhattan federal court said yesterday he’ll allow the payment to go forward because bonds issued in a settlement involving the Spanish oil company Repsol SA -- where payments aren’t subject to court orders -- can’t be immediately distinguished from a group of dollar bonds issued in the country’s 2005 and 2010 debt restructurings. Payments on the latter securities can’t be made unless holdout creditors are paid at the same time.