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Argentina Bond Judge Adds $6.1 Billion in `Me Too' Claims

  • Default bondholders must be paid before restructured debt
  • U.S. judge has blocked payments on $28 billion in new debt
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Holders of more than $6.1 billion of defaulted Argentine debt were added by a U.S. judge to a group of bondholders who must be paid before the South American country can pay its restructured debt.

The ruling Friday by U.S. District Judge Thomas Griesa in Manhattan puts additional pressure on Argentina to settle with holders of the defaulted debt, led by Paul Singer’s NML Capital. The decision means Argentina must reach a deal or pay $7.9 billion in defaulted bonds before it can resume interest payments on $28 billion of restructured debt.