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Three-judge panel removes final legal obstacle for South American country to pay bondholders in long-running dispute
Source: The Wall Street Journal
By: Julie Wernau
A ruling on Wednesday by a U.S. appeals court cleared the way for Argentina to pay its debts and return to international capital markets for the first time in more than 15 years.
A three-judge panel affirmed a U.S. District Court decision to lift an injunction that had prevented the South American nation from widely borrowing because of its failure to pay holdout bondholders after a 2001 default on more than $80 billion of debt.
The judges affirmed the lower court’s decision from the bench, without waiting to produce a written decision, following nearly two hours of pleas from lawyers on behalf of hundreds of remaining bondholders who have yet to settle with Argentina and who say the nation hasn’t given them the same opportunity to negotiate as it has larger hedge funds.
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