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ARTICLE · 18 DECEMBER 2012

EuroResource - Deals And Debt - December 2012

Jones Day
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On 21 November 2012, a U.S. district court ordered Argentina to pay $1.3 billion on defaulted restructured debt no later than 15 December when it pays other bondholders.

GlobalInsolvency/Bankruptcy/Re-Structuring
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Global—On 21 November 2012, a U.S. district court ordered Argentina to pay $1.3 billion on defaulted restructured debt no later than 15 December when it pays other bondholders. In the last issue of EuroResource, we reported on an important ruling handed down by the U.S. Court of Appeals for the Second Circuit that may impact sovereign debt restructurings. In NML Capital, Ltd. v. Republic of Argentina, 2012 BL 283459 (2d Cir. Oct. 26, 2012), the court upheld a lower court order enjoining the Republic of Argentina from making payments on restructured defaulted debt without making comparable payments to bondholders who did not participate in the restructurings. Broadly speaking, the decision reflects judicial dissatisfaction with a sovereign debtor that for many years has flouted judgments entered by U.S. courts, notwithstanding the debtor's possession of resources sufficient to pay such judgments in whole or in part. Argentina has stated that it

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