Lo último de argentina:
http://ftalphaville.ft.com/files/2014/0 ... _Reply.pdf
PRELIMINARY STATEMENT
The Republic seeks the resolution, on a fair, equitable, and sustainable basis, of its
outstanding indebtedness with all holders of Republic-issued debt that did not participate in the
Republic’s Exchange Offers, and an end to the litigation that has long burdened both the Court
and the Republic by a minority of holdout creditors that chose to ignore the majority – over 92%
– who voluntarily participated in the Republic’s sovereign debt restructuring. Any resolution,
however, faces two undeniable constraints:
First, the holdings of this Court and the Second Circuit, as well as Argentine law
and principles of inter-creditor equity, mean that a global resolution by definition cannot address
merely the approximately $1.6 billion of claims of the plaintiffs subject to the Amended
February 23, 2012 Orders (the “Injunctions”), which represent less than 1% of Republic debt
eligible for restructuring, or for that matter, the more than $2.4 billion in claims that these
plaintiffs alone have for which they have not yet sought pari passu “relief.” A global resolution
must address all holdout claims. As no party disputes, pending in this Court alone are a total of
approximately $10 billion in claims on defaulted debt. Another approximately $10 billion
pending in other jurisdictions or not yet subject to suit. Claims of holdout creditors represent
less than 7.6% of the total sovereign debt that the Republic began restructuring in 2005, in a
process through which the Republic achieved voluntary agreement with more than 92% of its
Case 1:08-cv-06978-TPG Document 602 Filed 07/21/14 Page 5 of 17
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creditors. This minority should not be allowed to put at risk the restructuring accomplished
through the 2005 and 2010 Exchange Offers, and the Republic must therefore be able to resolve
all their claims.
Second, any resolution must be conducted consistently with the other contractual
obligations of the Republic – including the so-called Rights Upon Future Offers (“RUFO”)
)
