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ARTICLE · 09 DECEMBER 2014

Sovereign Debt Update - November/December 2014

Jones Day
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The UN Human Rights Council passed a resolution condemning "vulture funds" like Argentina's holdout bondholders.

ArgentinaInsolvency/Bankruptcy/Re-Structuring
Mark Douglas
Mark Douglas
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On September 26, 2014, the United Nations Human Rights Council passed a resolution (A/HRC/27/L.26) condemning "vulture funds" like Argentina's holdout bondholders "for the direct negative effect that the debt repayment to those funds, under predatory conditions, has on the capacity of Governments to fulfill their human rights obligations, particularly economic, social and cultural rights and the right to development." Among other things, the resolution expresses concern regarding "the voluntary nature of international debt relief schemes which has created opportunities for vulture funds to acquire defaulted sovereign debt at vastly reduced prices and then seek repayment of the full value of the debt through litigation, seizure of assets or political pressure." It also notes that:

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