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ARTICLE · 24 APRIL 2013

Sovereign Debt Restructuring Update

Jones Day
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The Republic of Argentina has recently proposed an alternative payment formula to the U.S. Court of Appeals for the Second Circuit that, if accepted, would allow Argentina to resolve litigation with creditors holding defaulted bonds.

United StatesFinance and Banking
Mark Douglas
Mark Douglas
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On March 29, 2013, the Republic of Argentina proposed an alternative payment formula to the U.S. Court of Appeals for the Second Circuit that, if accepted, would allow Argentina to resolve litigation with creditors holding defaulted bonds. The proposal was filed in response to the court's directive in NML v. The Republic of Argentina, No. 12-105(L) (2d Cir. Mar. 1, 2013), that Argentina submit in writing to the court the precise terms of any alternative payment formula and schedule for repaying defaulted bond debt as well as exchange bonds to which it is prepared to commit in lieu of the ratable payment formula ordered by a U.S. district court in NML Capital, Ltd. v. Republic of Argentina, 2012 BL 329726 (S.D.N.Y. Nov. 21, 2012). That ruling, which was appealed to the Second Circuit, required Argentina to pay $1.3 billion to holdout bondholders no later than December 15, 2012. The ruling came on the heels of the Second Circuit's decision in NML Capital, Ltd. v. Republic

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