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Argentina reaches $255 million settlement with another bondholder
By Wendy Van Sickle
Columbus, Ohio, April 12 – The special master for Argentina’s settlement negotiations with bondholders said Tuesday that Argentina reached a settlement agreement totaling roughly $255 million with another large “holdout” bondholder.
According to a news release from special master Daniel A. Pollack, Argentina and Yellow Crane Holdings, LLC signed an agreement in principle that involves settlement of bonds under a range of laws, including those of New York, England, Germany, Italy and Switzerland.
The settlement is in accordance with the terms of a Feb. 5 proposal, which means Yellow Crane will not be paid on bonds that are time-barred under relevant periods of limitation but will surrender those bonds, together with the bonds on which it will be paid.
On Monday, Pollack announced Argentina had reached about $253 million in settlements with other bondholders, including $80 million of agreements with Fore Research and Management of New York City for the Honero Fund, about $127 million of agreements with 35 pension fund clients of Stone Harbor Investment Partners and about $46 million of agreements with 31 individual bondholders.
As previously reported, U.S. district judge Thomas Griesa agreed to lift an injunction if Argentina meets payment conditions. However, Griesa’s order was appealed, and oral arguments are scheduled to be heard on Wednesday. The settlements announced this week are conditioned on the lifting of the injunction.
Argentina has not yet reached roughly $8 billion of settlements with holders of about 90% of bonds at issue in the cases in the Southern District of New York.
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