Telecom Argentina creditor does not appeal bankruptcy ruling to Supreme Court by deadline

By Caroline Salls

Pittsburgh, Aug. 28 - Telecom Argentina SA said creditor The Argo Fund Ltd. did not appeal the court order confirming the company's Section 304 bankruptcy petition by the Aug. 27 deadline.

According to the Telecom Argentina news release, the ruling is now final.

As previously reported, the Court of Appeals of the Second Circuit of New York and the U.S. District Court for the Southern District of New York both rejected the creditor's appeal of the confirmation, as well as Argo's appeal of an order that said Telecom Argentina's Acuerdo Preventivo Extrajudicial must be given full force and effect in the United States, to the same degree as in Argentina, in November 2007.

The district court and the circuit court also upheld the bankruptcy court's affirmation that the Argentine APE approval order and the APE are binding on indenture trustee U.S. Bank NA and all non-consenting holders of bonds restructured under the APE, as they are in Argentina.

In addition, the district court and circuit court upheld the bankruptcy court's order that all the notes restructured under the APE have been extinguished as a matter of Argentine law and must be cancelled.

The Section 304 bankruptcy rulings were originally made by the U.S. Bankruptcy Court for the Southern District of New York.

Telecom Argentina is a telecommunications operator based in Buenos Aires.

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