Statement Of Daniel A. Pollack, Special Master In Argentina Debt Litigation, Feb. 12, 2016

Feb 12, 2016, 13:44 ET from Daniel A. Pollack

NEW YORK, Feb. 12, 2016 /PRNewswire/ -- Daniel A. Pollack, Special Master presiding over settlement negotiations between the Republic of Argentina and its Bondholders, issued the following statement today:

This has been an eventful week in the negotiations between Argentina and its "holdout" Bondholders. As I had announced in a previous statement, two major "holdouts" reached agreements in principle with Argentina to settle their claims. Those two agreements in principle aggregated, between them, well over $1 billion.  Claims by four other large "holdouts" were not resolved this week, but intensive discussions between and among high-ranking Argentine Government officials, principals of those four firms and me have continued through the week. These discussions have gone late into the night and will continue. I do not know whether agreements in principle will be reached with these four Bondholders, but I will continue to do everything in my power to see that it happens.  Any and all agreements in principle are subject to (1) the lifting of the Lock Law and the Sovereign Payment Law by the Argentine Congress and (2) the lifting or dissolution of the Injunction put in place by Hon. Thomas P. Griesa.  Argentina has taken steps in this direction. Other parties with substantial holdings of defaulted Argentine bonds, beyond the four remaining large "holdouts," have come forward, expressed interest in settling, and are in the process of attempting to reach agreements in principle with Argentina.  I will have no further statement on this matter today.

SOURCE Daniel A. Pollack