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You can find the current article at its original source at http://www.theguardian.com/world/2016/feb/24/argentina-creditors-lawsuit-defaulted-bonds-five-billion-deal
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| Creditors suing Argentina over defaulted bonds agree to $5bn deal | |
| (35 minutes later) | |
| Creditors suing Argentina over defaulted bonds have agreed to the economic terms of an agreement to resolve the long-running litigation but need more time to complete the $5bn deal, a lawyer for the investors said on Wednesday. | Creditors suing Argentina over defaulted bonds have agreed to the economic terms of an agreement to resolve the long-running litigation but need more time to complete the $5bn deal, a lawyer for the investors said on Wednesday. |
| The disclosure came during a hearing before a federal appeals court in New York, where the panel said it will allow a US judge to move forward with lifting injunctions that restrict Argentina from paying off some debts. | The disclosure came during a hearing before a federal appeals court in New York, where the panel said it will allow a US judge to move forward with lifting injunctions that restrict Argentina from paying off some debts. |
| Matthew McGill, a lawyer representing creditors Elliott Management’s NML Capital and Aurelius Capital Management, said his clients “have had an agreement on economic terms with Argentina since Thursday”. | Matthew McGill, a lawyer representing creditors Elliott Management’s NML Capital and Aurelius Capital Management, said his clients “have had an agreement on economic terms with Argentina since Thursday”. |
| McGill called it a “$5bn transaction” but added the parties needed more time beyond a Monday deadline imposed by Argentina to finish the deal. | McGill called it a “$5bn transaction” but added the parties needed more time beyond a Monday deadline imposed by Argentina to finish the deal. |
| “If we have just a little time we can finish the deal,” he said. | “If we have just a little time we can finish the deal,” he said. |
| Mark Brodsky, the Aurelius chairman, declined to comment through a spokesman. Calls to Elliott Management were not immediately returned. | Mark Brodsky, the Aurelius chairman, declined to comment through a spokesman. Calls to Elliott Management were not immediately returned. |
| A spokeswoman for the Argentinian economy ministry had no immediate comment. | A spokeswoman for the Argentinian economy ministry had no immediate comment. |
| The Argentinian stock market and locally traded over-the-counter bonds cut some early-day losses but were largely unchanged after terms of an agreement were disclosed. Investors had already factored in an eventual deal between the government and its holdout creditors. | The Argentinian stock market and locally traded over-the-counter bonds cut some early-day losses but were largely unchanged after terms of an agreement were disclosed. Investors had already factored in an eventual deal between the government and its holdout creditors. |