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Alternative Market Briefing

New York court defers ruling on Argentina’s contempt charges in conflict with hedge funds

Wednesday, March 25, 2015

Komfie Manalo, Opalesque Asia:

The New York Court of Appeals has deferred its decision on Argentina’s contempt ruling by judge Thomas Griesa in its ongoing conflict against holdout investors, including hedge funds led by Paul Singer's NML Capital, reported the Buenos Aires Herald.

With the deferral of the ruling, Argentina remains technically in contempt of court until March 31 this year when the contempt charges expire.

Singer led a group of hedge funds who requested Griesa to declare Argentina in contempt to force the nation to pay for bonds not restructured during the 2005 and 2010 debt swaps. Griesa cited Argentina in contempt for refusing to pay $1.3bn plus interest and penalty charges.

U.S. court authorizes Citigroup to process Argentine bond payments

In another setback for Argentina, Citigroup said it has been authorized by a U.S. judge to process two Argentine debt payments, which could ease tensions between the bank and the default-hit nation.

The U.S. bank, which acts as custodian of some Argentine bonds, has been embroiled in a court battle between the South American country and a group of New York-based hedge funds seeking full payment on their defaulted sovereign bonds. A potentia......................

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