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Argentina Bond Ruling Being Appealed by Fintech Advisory

Fintech Advisory Inc., a New York investment advisory firm that holds restructured Argentine debt, filed a notice that it is appealing a federal judge’s rulings in litigation over the country’s defaulted bonds.

U.S. District Judge Thomas Griesa in Manhattan ruled Nov. 21 that Argentina had to pay the $1.3 billion, which is claimed by holders of the defaulted debt, into an escrow account by Dec. 15 if it made about $3 billion in scheduled payments on the restructured debt this month. The rulings sparked a rout in Argentine bonds and caused Fitch to cut ratings on the country’s debt.

In a two-page court filing in Manhattan federal court yesterday, Fintech, which is not a party in the case, said it is appealing the orders.

The U.S. Court of Appeals in New York delayed the effect of Griesa’s orders and set Feb. 27 for oral argument in the case.

The case is NML Capital Ltd. v. Republic of Argentina, 12-105, U.S. Court of Appeals for the Second Circuit (Manhattan).

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