Argentina seeking an out from debt showdown

Nov 17 2012, 12:55 IST
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SummaryArgentina refused to give up its long fight against bond holdouts seeking $1.45 billion for their piece of defaulted debt.

to the judge saying that its only responsibility is to process payments to restructured debtholders, not the holdouts. If it does otherwise without clear rules provided by the judge, the bank said, it also could be sued, by both sides.

Holders of restructured bonds also objected Friday, led by Sean O'Shea, who argued for Gramercy Funds Management that their money was being ``held hostage'' by the judge's remedy.

Griesa said he would act quickly on Friday's motions and fine-tune his remedy in time for December's payment dates.

The restructured bondholders have hired attorney David Boies, the heavyweight lawyer who represented Al Gore in his unsuccessful U.S. Supreme Court fight over the 2000 presidential election.

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