Argentina Wins Court Ruling Letting Bond Sale Proceed
- Federal appeals panel rejects funds’ bid to halt debt payments
- Country has reached deal that allows return to credit markets
What Argentina Court Ruling Means for Foreign Investors
Argentina can go ahead with a planned $15 billion bond sale to pay off holdout creditors from a 2001 default, ending more than a decade of litigation over repayment of the debt that kept South America’s second-biggest economy out of international credit markets.
The U.S. Court of Appeals in New York Wednesday cleared the way for the bond sale by upholding a judge’s ruling that allows the republic to repay the holdout creditors, including Elliott Management. Government officials have held meetings with potential investors in New York and London this week ahead of the sale. The country hopes to issue bonds within a week, Finance Minister Alfonso Prat-Gay told reporters in New York on Tuesday.