NEW YORK, April 6, 2016 /PRNewswire/ -- Daniel A. Pollack, Special Master presiding over settlement negotiations between the Republic of Argentina and its Bondholders, issued the following Statement today:
"The Republic of Argentina continues to reach settlements with its holdout Bondholders. The Republic today signed Agreements in Principle with Red Pines and Spinnaker, funds managed by Varde Partners and Spinnaker Capital, Ltd., for an aggregate of just under $250 million. The signed Agreements in Principle involve, among other provisions, the withdrawal by the funds of their opposition in the Court of Appeals to the lifting of the Injunction and their support for the lifting of the Injunction. The financial terms of the Agreements in Principle are within the terms of the Propuesta issued by the Republic on February 5. Thus, the funds will be paid 150% of the principal of their bonds. The lifting of the Lock Law and the Sovereign Payment Law by the Congress of the Republic, a requirement in all settlements with the Republic, has been met, and Judge Griesa issued an Order on March 2 which will lift the Injunction if certain other conditions are met with respect to payment by the Republic. That Order is now before the Court of Appeals, which will hear oral argument next week, on April 13. If the Order is affirmed, this settlement will become final and binding on the parties. I will have no further comment at this time."
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SOURCE Daniel A. Pollack