Owl Creek Said to Seek Group to Accelerate Argentine Debt
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Owl Creek Asset Management LP is discussing with investors the formation of a group that will demand immediate repayment on Argentine bonds that the government has stopped servicing, according to four people familiar with the talks.
Owl Creek, a New York-based hedge fund with $3.9 billion of assets, is also in talks with law firm Kirkland & Ellis LLP to find interested investors who hold dollar-denominated securities due 2038, said the people, who asked not to be identified because the talks are private. The group would need to hold at least 25 percent of the $5.4 billion of debt to accelerate after they officially fall into default Oct. 30, when a 30-day grace period expires, according to the bond contracts.