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Following last minute talks in New York, as of yesterday
Argentina is in default on its debt. A group of creditors –
so called 'vulture funds' – are owed over $1.3billion
worth of debt, dating back a decade since Argentina's 2001
default. Standard and Poor have cut the country's rating to
'selective default' meaning Argentina has chosen to default
on some of its payments.
Joining forces with Garrido Law, Withers has established an
alliance of law firms globally to advise any investor who may be
affected by this situation. Joining forces with Garrido Law to
create The Argentina Bondholders Legal Advisory Team
('ABLAT'), we have brought together local
expertise in Argentina, the US and Europe to provide legal advice
to the holders of Argentine sovereign and sub-sovereign debt.
We are proactively seeking asset managers working with Argentine
sovereign bonds. Several bondholders have not yet initiated the
process for demanding their money back. This is a process better
done as a group; by joining bondholders in a similar position
together, we are better able to represent the group's interests
and are more likely to achieve results.
How can we help?
ABLAT brings together international and local experts, and seeks
to enforce the rights of bond holders, lobbying on behalf of the
group. Withers provides a significant international platform from
which to negotiate on behalf of bondholders, while Garrido Law
brings both local experience and in-depth knowledge of the last
decade's stand off over this debt.
Our advisory solutions
ABLAT will advise holders of Argentine debt regarding the legal
situation with their bonds, in light of the continuous developments
in judicial cases in the United States. We will advise on how the
ongoing negotiations may affect their rights as bondholders.
ABLAT will advise exchange bondholders in negotiations with
Argentina. We believe that through bringing bondholders together,
we will be in a stronger position to negotiate and there will be
mutual benefit for each bondholder involved.
ABLAT will then litigate on the bondholder group's
behalf.
Membership of ABLAT
Garrido Law
Garrido Law has been involved in the Argentina sovereign and
sub-sovereign debt legal cases and debt exchanges since 2002. In
the last two years Garrido Law has represented and advised holders
of Argentine bonds that have participated in the debt exchanges
carried on by the Argentine Government in 2005 and 2010. Garrido
Law has been pro-active in proposing solutions to settle all the
debt with the so called 'holdouts'. In this regard, Garrido
Law organised two consortiums, one in 2013 and the second in 2014,
to help find a global solution to the debt with the holdouts.
Garrido Law's work in this area has been widely reported in
the press.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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