UPDATE 4-Argentina, major creditors near $5 billion debt deal -lawyer
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By Nate Raymond
NEW YORK Feb 24 (Reuters) - Major creditors suing Argentina in U.S. courts over defaulted bonds have agreed to broad terms of an agreement to resolve the long-running litigation but need more time to complete the $5 billion deal, a lawyer for the investors said Wednesday.
Ending the litigation would be an historic step for Argentina, which has battled creditors who refused to accept the terms of earlier debt restructurings in 2005 and 2010.
The disclosure about the agreement, later criticized as a violation of confidentiality by a court-appointed mediator, came during a hearing before a federal appeals court in New York.
The appeals panel said it will allow a judge to go ahead with lifting injunctions that have restricted it from making some of its debt payments.
Matthew McGill, a lawyer representing creditors Elliott Management's NML Capital and Aurelius Capital Management in court, said there had been "an agreement on economic terms with Argentina since Thursday." He also called the deal a "$5 billion transaction."
But McGill said his clients needed more time beyond a February 29 deadline for bondholders to agree to participate in the country's offer to pay $6.5 billion to resolve various lawsuits.
"If we have just a little time we can finish the deal," McGill said. Continuación...