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Progress reported in NY talks with Argentina bond creditors

NEW YORK, N.Y. – A court-appointed mediator in New York says two of six leading bondholders have agreed to settle their longstanding claims against Argentina.

Mediator Daniel Pollack said Friday that Argentina offered bondholders a $6.5 billion deal to settle cases stemming from its 2001 default. Holdout bondholders were seeking about $10 billion.

Both sides have met several times since last month as Argentina seeks to end a long-running legal dispute that impedes its ability to help its struggling economy in global credit markets.

U.S. hedge funds are among bondholders that refused to trade bonds at discounted prices after Argentina defaulted on $100 billion in debt.

Among others, billionaire hedge fund investor Paul Singer’s NML Capital Ltd. took Argentina to court and won judgments against it.

Pollack hasn’t disclosed the names of the bondholders or details of their agreements.

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This story has been corrected to show the offer was $6.5 billion, not $6.5 million.

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