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NML Urges Court Not to Delay Argentine Bond Payments

Elliott Management Corp.’s NML Capital Fund and other holders of defaulted Argentine bonds urged a court not to allow the country to go forward with $3 billion in scheduled payments on restructured debt next month without paying them as well.

Lawyers for the bondholders yesterday asked U.S. District Judge Thomas Griesa in Manhattan to enforce rulings he made and delayed that would require Argentina to pay on its defaulted debt whenever it makes payments on the restructured debt.

In a Nov. 9 conference, Griesa said he will keep the orders on hold until he rules on two remaining issues in the case, which he said he will do by Dec. 1. Argentina is seeking a longer stay so it can go forward with the December payments while it tries to appeal.

A federal appeals court in New York ruled Oct. 26 that Argentina can’t favor the restructured bondholders over holders of defaulted notes. The nation yesterday asked for a rehearing, either before the three-judge panel that ruled against it or before the entire U.S. Court of Appeals in New York.

The case is NML Capital Ltd. v. Republic of Argentina, 08-CV-6978, U.S. District Court, Southern District of New York (Manhattan).

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