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President Cristina Fernandez de Kirchner

Bondholders lose bid to lift stay in Argentina litigation

A U.S. appeals court on Friday said it would leave a freeze in place on an order requiring Argentina to pay $1.33 billion in favor of bondholders suing for repayment in the wake of the country's 2002 default.The 2nd U.S. Circuit Court of Appeals in New York denied a motion to lift a stay it issued in favor of Argentina pending U.S. Supreme Court review of a ruling for the holdout bondholders in August.The request to lift the stay was made October 15 by bondholders led by hedge funds NML Capital Ltd, a unit of Elliott Management Corp, and Aurelius Capital Management LP.The case is one of many lawsuits filed by bondholders in the wake of Argentina's $100 billion sovereign default in 2002.In two restructurings, creditors holding about 93 percent of Argentina's bonds agreed to swap out their bonds in deals that gave them 25 cents to 29 cents on the dollar.But bondholders who did not participate in the restructurings, including NML and Aurelius, sued for full payment. The litigation was fil...

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