UPDATE 2-U.S. judge rules funds suing Argentina entitled to bond documents

miércoles 22 de abril de 2015 16:39 GYT
 

(Adds comment from Aurelius)

By Nate Raymond

NEW YORK, April 22 (Reuters) - A U.S. judge on Wednesday ruled that hedge funds suing over unpaid debt stemming from Argentina's 2002 default are entitled to details of a recent bond offering by Buenos Aires.

U.S. District Judge Thomas Griesa in Manhattan said the funds can seek documents from Argentina and banks including Deutsche Bank AG related to Tuesday's $1.4 billion bond sale to determine if any assets exist in the United States that could satisfy billions of dollars in unpaid judgments.

"That is a legitimate inquiry and a legitimate question," Griesa said at a court hearing.

The ruling applies to Argentina and banks subscribed to the offering, including Deutsche Bank and Banco Bilbao Vizcaya Argentaria SA.

The hearing came at the urging of NML Capital, an affiliate of billionaire Paul Singer's hedge fund and the lead creditor suing Argentina for full repayment on the country's bonds following its $100 billion default in 2002.

Philippe Zimmerman, Deutsche Bank's lawyer, told Griesa the bank would cooperate, though he criticized NML's last-minute efforts as "troubling." A representative for BBVA did not immediately respond to a request for comment.

Argentina defaulted again last July after refusing to honor court orders to pay $1.33 billion plus interest to hedge funds including NML that had spurned the country's 2005 and 2010 debt restructurings.   Continuación...