NEW YORK Oct 5 Argentina settled with an
additional creditor holding defaulted sovereign bonds for $40.52
million, Daniel Pollack, the court-appointed mediator said in a
statement on Wednesday.
Pollack has overseen the historic settlement between
Argentina and holdout investors who agreed to terms after a
14-year legal battle over defaulted sovereign bonds that ended
earlier this year.
The latest agreement was reached with one of the last
remaining large "holdout" bondholders, Banca Arner SA of
Switzerland, Pollack said.
"Argentina will pay Banca Arner, for its clients,
$40,520,000, and Banca Arner will surrender all of its defaulted
Argentine bonds and dismiss its lawsuit against Argentina," the
An agreement with four major holdout investors in February
of this year marked the major turning point in the legal saga
and allowed Argentina, under newly elected President Mauricio
Macri, to move forward with an economic revitalization plan.
Argentina returned to the international capital markets with
a $16.5 billion debt issuance that it used primarily to pay off
the U.S.-based holdout investors led by Elliott Management.
Argentina defaulted on approximately $100 billion in debt
and interest in early 2002.
Pollack was named Special Master in the case by U.S.
District Judge Thomas Griesa in 2014 in order to facilitate a
(Reporting By Daniel Bases; Editing by Andrew Hay)