US Court Rejects Argentina’s Appeal in Vulture Funds Case
teleSUR | October 23, 2014
The ongoing saga between Argentina and the vulture funds continues after a U.S court rejects Argentina’s appeal to allow the country to pay its creditors.
A United States appeals court has dismissed the Argentine appeal of an order directing Bank of New York Mellon to hold on to US$539 million dollars that Argentina deposited to pay its bondholders.
The appeals court said that it lacked jurisdiction over the appeal as an earlier ruling by U.S. District Judge Thomas Griesa was a clarification rather than modification of his earlier rulings on the matter.
In Griesa’s original ruling, the judge ruled that Argentina deposit with Bank of New York Mellon to pay bondholders who had renegotiated their debt with Argentina was “illegal,” and ordered the bank to hold on to the funds.
No progress has been made in talks between the country and hedge-fund holdouts, led by Elliott Management and Aurelius Capital Management.
Griesa has also scheduled another hearing on December 2 to weigh arguments over whether Citigroup Inc (C.N) should be allowed to process an expected interest payment by Argentina on bonds issued under its local laws following its 2002 default.
The hearing comes less than a month before an interest payment by Argentina on the bonds is due on December 31.
The hold outs, commonly referred to as vulture funds, had previously rejected all Argentina’s past restructuring offers on the country’s debt, most of which was incurred under Argentina’s military dictatorships and neoliberal governments. Ninety-two percent of creditors accepted the offer, and Argentina has been taking steps to continue to pay them back in spite of Judge Griesa’s ruling.
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