NEW YORK, June 23, 2016 /PRNewswire/ -- Daniel A. Pollack, Special Master presiding over settlement negotiations between the Republic of Argentina and its "holdout" Bondholders, issued the following statement today:
I am pleased to announce that The Republic of Argentina has reached a settlement with another large holder of defaulted bonds, Greylock Capital Management LLC, of New York City, for a total of approximately $95 million on bonds with an original nominal value of approximately $68 million.
The Agreement in Principle, signed last night by Greylock and counter-signed by the Republic of Argentina, involves settlement of bonds under the laws of several jurisdictions: New York, Germany, Italy and Switzerland. The settlement is within the terms of the Propuesta of February 5, 2016 issued by the Republic and pursuant to the terms of the Master Settlement Agreement and relevant Instructions. Accordingly, Greylock 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. The Floating Rate Adjustable Notes, known as FRANS, will be paid out at 150 per cent of original nominal value. This settlement leaves relatively few claims unresolved, and is a strong demonstration by the Republic of its continued willingness to resolve claims of holders of defaulted bonds.
I will have no further statement on the settlement at this time.
SOURCE Daniel A. Pollack