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Argentina Ordered to Pay Interest on Defaulted Debt, Nacion Says

A New York court ruled in favor of Elliot Management Corp.’s NML Capital fund and ordered Argentina to pay interest on its defaulted debt, newspaper La Nacion reported, citing a Feb. 23 ruling.

The ruling by U.S. District Judge Thomas P. Griesa said Argentina has to make the payments before or at the same time it pays interest on bonds it issued in its 2005 and 2010 debt restructurings, according to the Buenos Aires-based newspaper. Griesa’s order affects all the parties involved in the debt payments, including banks that make the transfers to bondholders, Nacion said.

Argentina has appealed the order and the decision has been suspended, La Nacion said, citing Jorge Arguello, Argentina’s ambassador in the U.S.

NML is seeking $650 million in capital and interest on its holdings, La Nacion said.

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