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 Argentine Sovereign Debt Shearman & Sterling has been following closely the ongoing dispute between the Republic of Argentina and holders of defaulted Argentine sovereign debt, particularly as that battle has been fought in the case NML et al. v. Republic of Argentina. This dispute has important implications for holders of the Argentine debt, issued in conjunction with Argentina's 2005 and 2010 Exchange Offers (which is not currently in default), as well as future sovereign debt restructurings. 

Related Publications

Below is a list of client notes we have drafted to alert our clients about this matter. They are only intended to be a general discussion of the topics covered and should not be construed as legal advice. We would be pleased to provide additional details or advice about specific situations if desired.

22 Apr 2013 Don’t Cry for Me Argentine Bondholders: Plaintiffs Reject Argentina’s Proposal
01 Apr 2013 Don’t Cry for Me Argentine Bondholders: Argentina Responds to the Second Circuit’s Inquiry
01 Mar 2013 Don’t Cry for Me Argentine Bondholders: Second Circuit Requests a Payment Proposal
28 Feb 2013 Don’t Cry for Me Argentine Bondholders: Important Argument in the Second Circuit
08 Feb 2013 Don’t Cry for Me Argentine Bondholders: Second Circuit Briefing Concludes
07 Jan 2013 Don’t Cry for Me Argentine Bondholders: Update of Second Circuit Briefing
29 Nov 2012 Don’t Cry for Me Argentine Bondholders: The Second Circuit Stays Everything
23 Nov 2012 Don’t Cry for Me Argentine Bondholders: Judge Griesa Gives Plaintiffs TOTAL Victory
15 Nov 2012 Tamed by the US Courts? The CDS Consequences
14 Nov 2012 Don’t Cry for Me Argentine Bondholders: Update
09 Nov 2012  Don’t Cry for Me Argentine Bondholders – Breaking News
06 Nov 2012 Don’t Cry for Me Argentine Bondholders: Update
29 Oct 2012 Don’t Cry for Me Argentine Bondholders: the Second Circuit Decides NML Capital v Argentina

Related Source Materials

Collected below are various source materials and other publications relating to this matter.

05 June 2013 Letter on Behalf of Appellee, ACP Master, Ltd. et al
04 June 2013 Letter on Behalf of Intervenor, Euro Bondholders
25 Apr 2013         Order Denying Motion for Leave to File an Amicus Curiae Brief (Duane Morris Individual Bondholders)
24 Apr 2013 Opposition to the Duane Morris Individual Bondholders' Motion for Leave to File an Amicus Curiae Brief (Argentina)
24 Apr 2013 Opposition to the Duane Morris Individual Bondholders' Motion for Leave to File an Amicus Curiae Brief (Fintech)
23 Apr 2013     Opposition to the Duane Morris Individual Bondholders' Motion for Leave to File an Amicus Curiae Brief (Euro Bondholders)
23 Apr 2013 Opposition to the Duane Morris Individual Bondholders' Motion for Leave to File an Amicus Curiae Brief (Exchange Bondholder Group)
22 Apr 2013     Opposition to the Duane Morris Individual Bondholders' Motion for Leave to File an Amicus Curiae Brief (Plaintiffs-Appellees)
22 Apr 2013     Motion for Leave to File an Amicus Curiae Brief (Duane Morris Individual Bondholders)
19 Apr 2013 Response of Appellees to the Republic of Argentina’s March 28 proposal
04 Apr 2013 Order of the Court of Appeals directing plaintiffs to respond to Argentina's payment proposal
29 Mar 2013 Letter from Argentina to the Court of Appeals
26 Mar 2013 Order of the Court of Appeals denying Argentina’s Petition for Rehearing En Banc.
01 Mar 2013 Order of the Court of Appeals directing Argentina to clarify in writing the terms of, and its commitment to abide by, the alternative payment formula and schedule it appeared to propose at oral argument
28 Feb 2013 Order of the Court of Appeals denying Argentina’s petition for panel rehearing
27 Feb 2013 Audio Recording of Second Circuit Argument
11 Feb 2013 Revised Notice of Hearing Date from the Court of Appeals
08 Feb 2013 Letter to the Court of Appeals from Fintech Advisory requesting 5 minutes of argument time at oral argument
07 Feb 2013 Letter to the Court of Appeals from NML Capital opposing the requests of non-party appellants for time at oral argument and, in the alternative, requesting an enlargement of time for NML Capital
07 Feb 2013 Letter to the Court of Appeals from the Exchange Bondholders requesting 10 minutes of argument time at oral argument
06 Feb 2013 Order of the Court of Appeals granting the motion of the United States for leave to file a brief as amicus curiae
06 Feb 2013 Letter to the Court of Appeals from the Bank of New York Mellon requesting 10 minutes of argument time at oral argument
01 Feb 2013 Notice of Hearing Date from the Court of Appeals, including time allotments for the parties
01 Feb 2013 Reply Brief of Argentina
01 Feb 2013 Reply Brief of the Exchange Bondholders
01 Feb 2013 Reply Brief of Fintech Advisory
01 Feb 2013 Reply Brief of the Bank of New York Mellon
25 Jan 2013 Brief of Plaintiff, NML Capital
25 Jan 2013 Brief of Plaintiffs-Appellees, Aurelius Capital Master, ACP Master, Aurelius Opportunities Fund II, Blue Angel Capital I, and Pablo Alberto Varela
10 Jan 2013 Order of the Court of Appeals denying the Exchange Bondholders' motion to certify appeal to the New York Court of Appeals
09 Jan 2013 Plaintiffs' Opposition to the Exchange Bondholders' motion to certify appeal to the New York Court of Appeals
05 Jan 2013     Proposed Amicus Brief of the Washington Legal Foundation in Support of Affirmance
04 Jan 2013 Amicus Brief of Ronald Mann and EM Ltd. in Support of Affirmance
04 Jan 2013 Amicus Brief of Kenneth W. Dam in Support of Affirmance
04 Jan 2013 Amicus Brief of the Clearing House Association in Support of Reversal
04 Jan 2013 Proposed Amicus Brief of Anne Krueger in Support of Reversal
04 Jan 2013 Proposed Amicus Brief of Puente Hermanos Sociedad de Bolsa in Support of Reversal
04 Jan 2013 Proposed Amicus Brief of Montreux Partners and Wilton Capital in Support of Affirmance
04 Jan 2013 Proposed Amicus Brief of Italian Bondholders in Support of Affirmance
04 Jan 2013 Proposed Amicus Brief of the Duane Morris Individual Plaintiffs in Support of Affirmance
04 Jan 2013     Proposed Amicus Brief of the American Bankers Association Supporting the Bank of New York Mellon
04 Jan 2013 Proposed Amicus Letter to the Court of Appeals from Euroclear Bank SA/NV
04 Jan 2013 Proposed Amicus Brief of Alfonso Prat-Gay in support of Argentina's petition for panel rehearing
04 Jan 2013     Brief of the Euro Bondholders opposing the injunction
04 Jan 2013 Brief of ICE Canyon seeking clarification or reversal and remand of the injunction with regard to Euro-denominated GDP-linked securities
02 Jan 2013 Brief of Argentina’s counsel in support of a motion to quash Plaintiffs’ subpoena and opposing Plaintiffs’ motion to compel
28 Dec 2012 Brief of Argentina opposing the injunction
28 Dec 2012 Amicus Brief of the United States in support of Argentina's petition for rehearing
28 Dec 2012 Brief of the Bank of New York Mellon opposing the injunction
28 Dec 2012 Brief of Fintech Advisory opposing the injunction
28 Dec 2012 Brief of the Exchange Bondholders opposing the injunction
28 Dec 2012     Reply of the Exchange Bondholders regarding stay of discovery
28 Dec 2012     Order of the Court of Appeals granting Ice Canyon leave to appear
27 Dec 2012 Motion of the Exchange Bondholders to Certify Appeal to the New York Court of Appeals
26 Dec 2012 Plaintiffs' Opposition to the Exchange Bondholders' motion for a discovery stay
22 Dec 2012 Plaintiffs' brief in support of a Motion to Compel compliance with subpoenas served on intervening bondholders seeking documents and testimony
21 Dec 2012 Motion of the Exchange Bondholders to enforce the Nov. 28 stay, or for a stay of discovery
21 Dec 2012 Motion of Ice Canyon for leave to intervene as an interested non-party
20 Dec 2012 Order of the Court of Appeals setting January 4, 2013 as the filing deadline for amicus briefs and for motions for leave to file amicus briefs
19 Dec 2012 Plaintiffs’ brief in support of a Motion to Compel compliance with a subpoena served on Argentina’s counsel seeking documents and testimony
13 Dec 2012 Order of the Court of Appeals granting the Exchange Bondholder Group’s motion to consolidate related appeals
13 Dec 2012 The United States of America’s motion to file a brief as Amicus Curiae
13 Dec 2012 Exchange Bondholder Group’s motion to consolidate related appeals
11 Dec 2012 Argentina’s opposition brief to Washington Legal Foundation’s motion to alter the briefing schedule
10 Dec 2012 Notice of Appeal filed by interested non-party Fintech Advisory
06 Dec 2012 Order of the Court of Appeals granting the Euro Bondholders leave to appear as a non-party
06 Dec 2012 Order granting The Bank of New York Mellon leave to appear as a non-party appellant
05 Dec 2012 Motion of the Euro Bondholders for leave to intervene as interested non-parties
04 Dec 2012 Order of the Court of Appeals denying Plaintiffs motion to modify the stay to require Argentina to post security
03 Dec 2012 Motion of non-party The Bank of New York Mellon to appear and to submit briefs as an appellant
03 Dec 2012 Argentina's Opposition to Plaintiffs' motion to modify the stay
03 Dec 2012 Exchange Bondholders' Opposition to Plaintiffs' motion to modify the stay
30 Nov 2012 Emergency Motion of Plaintiffs to modify the stay to require Argentina to post security
28 Nov 2012 Order of the Court of Appeals granting stay pending appeal and setting briefing schedule
28 Nov 2012 Order of the Court of Appeals granting Exchange Bondholders’ motion to appear
28 Nov 2012 Motion of Fintech Advisory to appear as an interested non-party
28 Nov 2012 Motion of Fintech Advisory for stay pending appeal
27 Nov 2012 Letter to the Court of Appeals from Plaintiffs’ counsel
27 Nov 2012 Emergency Motion of Exchange Bondholders for a stay pending appeal
27 Nov 2012 Emergency Motion of Exchange Bondholders to appear as interested non-parties
27 Nov 2012 Exchange Bondholders’ notice of appeal
26 Nov 2012 Letter to the Court of Appeals from Argentina’s counsel
26 Nov 2012 Emergency Motion of Argentina for a stay pending appeal
26 Nov 2012 Order of the District Court denying the Exchange Bondholders’ motion to appear as interested non-parties
26 Nov 2012 Order of the District Court denying the Exchange Bondholders’ motion to vacate the injunction
21 Nov 2012 Order of the District Court vacating the March 5, 2012 stay order
21 Nov 2012 Opinion of Judge Griesa with respect to "ratable payment" and application of injunction to third parties
21 Nov 2012 Amended Injunction of the District Court
21 Nov 2012 Opinion of Judge Griesa regarding the stay
19 Nov 2012 Plaintiffs’ Reply Brief on remand, addressing the form of the injunction, termination of the stay, and the Exchange Bondholders’ motion to vacate
16 Nov 2012 Letter from the Depository Trust Company asking not to be subject to the injunction
16 Nov 2012 Letter from the Clearing House Association asking that the injunction include a broader carve-out for intermediary banks than that proposed by Plaintiffs
16 Nov 2012 Letter from New York Fed asking that any injunction be limited to Argentina and those in privity
16 Nov 2012 Declaration of Argentina’s National Director of the National Bureau of Public Credit affirming the Republic’s compliance with the stay order
16 Nov 2012 Brief of Argentina in response to Plaintiffs’ brief on remand, addressing the stay and the injunction
16 Nov 2012 Brief of the Exchange Bondholders in support of their motion to vacate the injunction
16 Nov 2012 Declaration of NYU law professor on behalf of the Exchange Bondholders, opining on the risks of non-payment to the exchange bondholders, the consequences thereof, and the effect of the Second Circuit’s Opinion on the ability of sovereigns to restructure their debts
16 Nov 2012 Declaration on Gramercy Funds Mgmt. Chief Investment Officer on behalf of the Exchange Bondholders, affirming that the Exchange Bondholders are not attempting to receive payments abroad and have no special ability to persuade Argentina to pay Plaintiffs
16 Nov 2012 Declaration of Bank of New York Mellon Vice President describing the payment processes for Exchange Offer bonds
16 Nov 2012 Brief of Exchange Bondholder Fintech Advisory opposing the injunction
16 Nov 2012 Brief of the Bank of New York Mellon arguing it should not be subject to the injunction
16 Nov 2012 Brief of Duane Morris Individual Plaintiffs affirming support for Plaintiffs’ positions
13 Nov 2012 Argentina's Petition to the Second Circuit for Panel Rehearing and Rehearing En Banc
13 Nov 2012 Plaintiffs' Brief in the District Court on remand, addressing the length of the stay and the form of the injunction
09 Nov 2012 Transcript of Hearing before District Court Judge Griesa
08 Nov 2012 Letter to Judge Griesa from Argentina's counsel
06 Nov 2012 Letter to Judge Griesa from plaintiffs' counsel, with plaintiffs' proposed amended injunction attached
05 Nov 2012 Letter to Judge Griesa from Argentina's counsel
26 Oct 2012 Second Circuit Decision (NML Capital, Ltd., et al. v. Republic of Argentina (Docket No. 12-105(L)) (2d cir. Oct. 26, 2012).)
05 Mar 2012 District Court Order Pursuant to FRCP 62(C) granting stay pending appeal
23 Feb 2012 District Court Order with injunction
07 Dec 2011 District Court Order holding that Argentina is in breach of the pari passu clause
19 Oct 1994 Fiscal Agency Agreement between The Republic of Argentina and Bankers Trust Company, as fiscal agent