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Source: New York Times
By: LIZ MOYER
The announcement of a $4.65 billion agreement between the Argentine government and four “holdout” hedge funds promises to end a 15-year battle that started when the government defaulted on $100 billion in debt in 2001.
The hedge funds refused to accept a steep discount in two restructurings over the years, while others took 30 cents on the dollar. The agreement announced on Monday gives the four holdouts — Paul Singer’s NML Capital, Mark Brodsky’s Aurelius Capital Management, Davidson Kempner Capital Management and Bracebridge Capital — 75 percent of their claims. Two other hedge funds struck an earlier agreement for 75 percent of their claims. The deal is subject to approval by Argentina’s Congress.
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