Argentina Reaches Agreement On $253 Million More Of Defaulted Bonds

NEW YORK, April 10, 2016 /PRNewswire/ -- Daniel A. Pollack, the Special Master presiding over settlement negotiations between the Republic of Argentina and holders of its defaulted Bonds, issued the following statement today:

"Argentina, on Thursday and Friday of this past week, entered into signed settlement agreements totaling approximately $253 million with numerous defaulted bondholders, involving both institutions and individuals. On Thursday, Argentina reached agreement with Fore Research and Management of New York City, for the Honero Fund, for $4,485,000 plus Euros 67,543,142, aggregating approximately $80 million. On Friday, Argentina reached agreement with 35 pension fund clients of Stone Harbor Investment Partners for $85 million and 38 million Euros, aggregating approximately $127 million. Additionally, that same day, Argentina reached agreement with 31 individual bond-holders for approximately $46 million. All of these settlements were within the terms of the "Propuesta" published by Argentina on February 5, involving payment of 150% of principal to the bondholders. These settlements are subject to the lifting of the Injunction, which occurred on March 2 but which has been appealed by several parties. The appeal will be heard in the Court of Appeals on Wednesday of this week, April 13. If the lifting of the Injunction is affirmed, it is the expressed intention of Argentina to carry out a $12.5 billion capital raise to pay all the settlements it has entered into since the first and seminal settlements with Montreux Partners and Dart Management on February 3 for $1.1 billion. Settlements now aggregate approximately $8 billion. In my capacity as Special Master, with the responsibility for presiding over the conduct of settlement negotiations, I am extremely gratified that holders of approximately 90% of bonds at issue in the cases in the Southern District of New York have now reached settlements with Argentina. The ability of Argentina to consummate those settlements turns on the outcome of the appeal in the Court of Appeals. I will have no further comment on these settlements at this time."