Last updateTue, 24 Feb 2015 5pm

BANKING: Strong bonds

01 April 2016  

As lawyers and bondholders wait to see if there has been a settlement between Argentina and holders of its defaulted bonds, Mary Gibbons examines the most recent proceedings

Part 1 – 'Last stand at the OK Corral?', CLJ56

Part 2 – 'Still standing', CLJ57

The widely reported and long-running litigation between the Republic of Argentina and various hedge funds, arising out of the default by Argentina of debts due to the funds, and for which the funds seek payment of 100% at face value, continued throughout 2015. NML Capital Ltd and EM Ltd are estimated to hold over US$2bn in judgments against Argentina stemming from Argentina’s default on its sovereign debt in December 2001. These judgments have not been satisfied and the funds have sought recovery through various avenues, including bringing claims against the Central Bank of Argentina in the New York courts in two related actions.

Additional Info

  • Case(s) Referenced:

    EM Ltd & anor v Banco Central de la República Argentina No 13-3819-cv (2d Cir 2015)

    NML Capital Ltd & anor v Banco Central de la República Argentina 652 F.3d 172, 187-91 (2d Cir 2011)