On August 23, 2013, the Second Circuit affirmed the District Court’s decision, which held that Argentina must pay a group of holdout bondholders 100% of monies owed to them. As we outlined in June, the long-running litigation dates to Argentina’s 2001 default on $100 billion of sovereign debt.
Earlier this week, the U.S. Supreme Court announced that it would decide on September 30th whether to review Argentina’s appeal of the Second Circuit’s decision. Stay tuned to the Hughes Hubbard Bankruptcy Report for further updates and analysis regarding the appeal.