UPDATE 2-Major Argentine creditors object to bid to lift debt injunctions

jueves 18 de febrero de 2016 21:39 GYT

(Adds details of settlement with Capital Markets Financial Services)

By Nate Raymond

NEW YORK Feb 18 (Reuters) - A group of creditors suing Argentina over defaulted bonds on Thursday urged a U.S. judge to reject the country's request to lift orders restricting it from servicing its restructured debts, saying doing so would impede ongoing settlement talks.

In a brief filed in Manhattan federal court, bondholders including Elliott Management's NML Capital Ltd said they were "encouraged" by Argentine President Mauricio Macri's desire to resolve the litigation.

But the creditors said talks had only begun when Argentina on Feb. 5 made an "ambiguous" proposal to pay $6.5 billion to settle the dispute, and as a result the country's request to vacate injunctions imposed in the litigation was unwarranted.

Those injunctions required Argentina to pay creditors including NML and Aurelius Capital Management LP when the country serviced debts owed to bondholders who participated in two restructurings after Argentina's $100 billion default in 2002.

"Authorizing Argentina once again to violate plaintiffs' contractual rights would upend the negotiations that only now are just beginning in earnest and would risk new and unwanted litigation," lawyers for NML and Aurelius wrote.

Despite the arguments, Thursday's brief signaled a continued willingness by the major creditors to reach a deal.

In a statement on Thursday, mediator Daniel Pollack said Argentina had reached a settlement in principle with another bondholder, Capital Markets Financial Services, for over $110 million within the framework of the Feb.5 proposal.   Continuación...