Argentina Found in Contempt by N.Y. Bond Fight Judge
September 30, 2014 by Avila Capital Markets, Inc.
Argentina was found in civil contempt of court by a U.S. judge as it prepares to shift control over payments of its restructured debt fromNew York to Buenos Aires.
U.S. District Judge Thomas Griesa in Manhattan, who is overseeing lawsuits over bonds the South American nation repudiated in 2001, said yesterday that such a move is “illegal and cannot be carried out.” He said the plan violates his orders and the rights of defaulted bondholders, led by Paul Singer’s Elliott Management Corp.
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