Argentina - Cause A Ny (2)

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ARGENTINA:CAUSA NY;DUBBI SU QUOTAZIONE BOND DA VENERDI'/ANSA

Data: Thu, 31 March 2005 - 08:59


ARGENTINA:CAUSA NY;DUBBI SU QUOTAZIONE BOND DA VENERDI'/ANSA


(di Maurizio Salvi) (ANSA) - BUENOS AIRES, 30 MAR - Dopo una prima reazione di soddisfazione per la sentenza del giudice statunitense Thomas Griesa, il governo argentino ha assunto un atteggiamento di prudenza riguardo ai 7.000 milioni di dollari di bond del vecchio debito privato in default su cui si deve esprimere la Corte d'appello del secondo circuito di New York. Griesa, una vecchia conoscenza delle autorità argentine perché è presso di lui che da anni presentano le loro denunce entità e privati che rivendicano pagamenti da Buenos Aires in tema di debito, ha infatti da una parte rimosso l'embargo preventivo posto lunedì scorso sui titoli su richiesta del fondo Elliot, ma allo stesso tempo ha chiesto ad un tribunale superiore di confortare la sua decisione. L'aspetto più delicato di questa vicenda è che l'agenda del concambio del debito estero argentino in default per 81,8 miliardi di dollari realizzato fra il 14 gennaio ed il 25 febbraio prevedeva che i nuovi bond (Par, CuasiPar e Discount) per 35.260 milioni di dollari fossero quotati ufficialmente a partire dall'1 aprile. Non è certo che la Corte d'appello chiamata in causa possa emettere una sentenza entro questa data, per cui la stampa argentina si chiede oggi se la procedura di quotazione potrà o no realizzarsi, nonostante l'intoppo giudiziario. La vicenda ha mostrato anche una certa divaricazione di posizioni fra il presidente della repubblica Nestor Kirchner ed il suo ministro dell'economia, Roberto Lavagna. Attimi dopo la diffusione della sentenza, la Casa Rosada ha manifestato "grande soddisfazione". Il portavoce Miguel Nunez, ha confermato che "ci aspettavamo che questa fosse la sentenza". Essa, ha precisato, "ci dà la tranquillità che la logica con cui abbiamo operato è la logica che impererà". Minuti dopo anche il Ministero dell'economia ha diramato un breve comunicato, più moderato nei toni, ed in cui si esprime "compiacimento per la sentenza firmata da giudice Griesa". Ma si aggiunge che "il Ministero spera che la Corte d'appello si riunisca rapidamente per prendere una decisione al fine di permettere che il processo di concambio dei bond del debito sovrano si completi nei termini previsti nell'operazione". Fonti giornalistiche a Buenos Aires assicurano che i tecnici di Lavagna studiano tutti gli scenari. E sostengono che è stata verificata anche la possibilità di raggiungere con il fondo Elliot, che in questa causa si è presentato come Fondo NML basato nelle Isole Cayman, un accordo extragiudiziale in caso di una possibile sentenza avversa. Questo permetterebbe di sbloccare la situazione ma rappresenterebbe un punto a favore di quanti - fondi e privati - integrano il gruppo di oltre 20.000 milioni di dollari di bond in default (il 24% del totale) che non hanno aderito allo swap. In attesa dello sviluppo di questa intricata situazione, l'Argentina dovrebbe in queste ore pagare l'onorario (circa 200 milioni di dollari) delle banche internazionali e argentine che hanno partecipato all'operazione di concambio, e preparare il pagamento cash di 690 milioni di dollari corrispondenti a tre tagliandi del titolo Par e due del Discount che avevano come scadenza il 31 dicembre 2003.(ANSA).

[claudio123]

Il mio corrispondente di NY mi ha informato che l'OPS sembra ufficiale che verra' ritardata di almeno 2 mesi in attesa della decisione della corte di appello che comunque non si da per scontata a favore degli ....argentini, il che riserverebbe sviluppi interessanti.

Un'altra possibilita' e' quella di procedere all'OPS sottraendo dallo scambio i titoli posti sotto custodia....ma diventa un lavoro di non facile applicazione.

Altre cause che erano in corso (minori come importo) sono state inserite nella stessa procedura.

VAI GRIESA.....FALLI NERI.....

[FaGal]

Argentine defaulted bonds exchange delayed

Argentina decided Thursday to postpone its scheduled April 1 exchange of defaulted bonds waiting for New York court ruling regarding frozen securities included in the operation.

The bond swap - which would put an end to Argentina’s largest ever default, (81 billion US dollars plus interest), was scheduled for Friday but "it has been delayed," said Cabinet chief Alberto Fernandez, emphasizing that the government hoped that the situation would be solved "rapidly".
Mr. Fernández said Argentina is waiting a New York appellate court ruling on whether to maintain an embargo on some 7 billion US dollars worth of bonds that are included in the huge exchange operation.

The freeze, requested by an investment fund that rejected the bond swap, was implemented last Tuesday by New York Judge Thomas Griesa, who - however - agreed to let the matter be decided in an Appeals court.

"What we need is the confirmation of the New York judge's ruling. We're confident that it will be done quickly and that we can rapidly move forward on making the exchange a reality" Mr. Fernandez said during a Buenos Aires radio interview.
Mr. Fernandez stressed the Argentine government was sure that "at any moment" the bond swap operation would be able to move forward.

The Argentine defaulted bond exchange includes an initial payment -originally scheduled for Friday April 1- of 680 million US dollars in interest to just over 76% of creditors who accepted conditions imposed by President Kirchner’s administration to end the default situation which was pending since 2002.

The operation includes swapping defaulted bonds face valued 62,318 billion US dollars for new ones valued 35,261 billion US dollars. This means creditors will be receiving 30 cents for each defaulted bond dollar.

Argentine Economy Ministry officials quoted by Buenos Aires daily La Nacion admitted that the exchange operation could be delayed until mid-June because other creditors could present appeals similar to the one by NML Capital, described as a “vulture” fund that led to the court-imposed freeze in New York.
“In a normal appeal case the oral hearing for each side to present its case is fixed for six/eight weeks after the appeal was initiated”, said a member of the New York Court.

Nevertheless the Argentine government is confident it will move faster given “the number of people and money involved”, according to an Argentine official who routinely is in contact with the New York attorneys’ office representing Argentine interests.

These dilatory tactics, with embargo and negotiations, enabled one of the “vulture” fund collect 56 million US dollars from the Peruvian government, and now “they are attempting something similar with Argentina”.
“The strategy of these bond holders is to somehow lock the swap process and then try to negotiate in terms similar to those reached with Peru. This is the usual dynamics of the restructuring process for those who did not adhere to the bond exchange”, said an Argentine official.

NML Capital which rejected Argentina’s restructuring offer is linked to Elliot Associates a group that forced Peru to pay 56 million US dollars in defaulted debt in a landmark case during the 1990. NML is thought to hold three different types of Argentine defaulted bonds with a combined value of over 300 million US dollars plus interest
http://www.mercopress.com/Detalle.asp?NUM=5376

[FaGal]

BUENOS AIRES, Argentina, March 31 (Reuters) - Argentina will delay issuing new bonds to creditors who entered its debt swap until a U.S. appeals court rules on a request by holdouts to freeze $7 billion of bad debt tendered in the exchange.

Cabinet Chief Alberto Fernandez said on Thursday the government is certain the court will reverse the freeze and that the delay will be minimal in issuing $35.3 billion in new bonds in exchange for $62.3 billion in old defaulted bonds, which had been scheduled to take place on Friday.

"All that's left to do now is the physical completion of the swap, the issuing of new securities, which was going to happen on April 1 and due to this is delayed," Fernandez told a local radio station.

"We are confident a decision will be made quickly and we will rapidly be able to carry out the swap," he said.

Fernandez's comments echoed those made Wednesday by Jonathan Blackman, Argentina's lawyer before the U.S. courts in New York. He said he expected the appeals court would resolve the matter "pretty quickly" in Argentina's favor.

In New York, a clerk in the 2nd U.S. Circuit Court of Appeals said creditors filed their appeal on Thursday morning, pushing for an expedited process, but that there was not yet a date for the hearing.

Three years after defaulting on $81.8 billion in public debt, Argentina asked creditors to accept an estimated 30 cents for every dollar in defaulted securities in a six-week offer that closed on Feb. 25. The total debt was $102.6 billion, including past due interest.

Some 76 percent of investors opted to swallow the loss rather than get nothing at all. But some funds are fighting the government in court for full repayment and seek to attach goods, property or cash in lieu of the money owed them.

A U.S. federal judge, Thomas Griesa, agreed last Friday to freeze $7 billion in defaulted bonds at the request of disgruntled creditors. On Tuesday evening, he lifted the freeze but minutes later agreed to stay his decision pending an appeal by the two investors, effectively maintaining the freeze.

Griesa, a U.S. district court judge, argued the old bonds could not be embargoed because they still belonged to private creditors while in temporary custody of Argentina's clearing agent, the Bank of New York. They will become worthless once they are replaced.

Argentine financial markets were also confident of a speedy resolution; the MerVal stock index rallied nearly 4 percent on Wednesday on optimism that the appeals court would rule in Argentina's favor. Stocks advanced about 0.75 percent by Thursday midday.

The local market's confidence is partly based on the U.S. courts' track record. A U.S. appeals court ruled last year in favor of the provincial government of Mendoza in a similar case lodged by a creditor.

"We expect the court of appeals to issue its decision on the attachment of old bonds in a relatively short period of time," said Credit Suisse First Boston in a report. "Delays in closing the exchange will probably not be significant."

But some analysts say the case could take several weeks or even months to play out and warn that this is just the start of a new phase of constant legal battles for the government. (Additional reporting by Greg Brosnan in New York)

http://www.reuters.com/newsArticle.j...toryID=8051326

[FaGal]

Argentine Stocks Rise, Reversing Losses, as Swap Concerns Ease

March 31 (Bloomberg) -- Argentina's benchmark stock index climbed, erasing initial declines, on expectations the country's plans to exchange $62.3 billion of defaulted debt for new securities will face only temporary delays.

A ruling by U.S. District Judge Thomas Griesa on March 29 to end a freeze on $7 billion of the government's defaulted debt won't be carried out until reviewed by an appeals court. No date has been set for the court to review Griesa's ruling.

``There would be no serious consequence if the delay is just for a few days, as we are expecting,'' said Carola Sandy, an economist at Credit Suisse First Boston Inc. in New York. ``The prospectus for the new bonds says the issue would be April 1 or as early as possible, so the government has margin to postpone the issue.''

Completing the debt restructuring is a condition of a $13.3 billion loan accord with the IMF that was put on hold last year. Executing the swap will also help facilitate the South American country's return to international debt markets, said economists such as Ricardo Amorim, chief of Latin America research for WestLB AG in New York.

Bonds Gain

Felisa Miceli, president of the country's state-owned Banco Nacion, which advised the government on the exchange, said Argentina isn't going to move ahead with the exchange unless it's certain the swap will be successful.

``We need to be conservative and do this when there is safety the funds will get to those who they are intended for,'' Miceli said at a breakfast with reporters at the bank's headquarters. ``The government wants to move ahead.''

The Merval rose 0.5 percent, reversing an earlier loss of as much as 0.8 percent, to 1407.73 at 12:35 p.m. New York time, led by Grupo Financiero Galicia SA, the country's biggest non- government bank. Galicia fell 1.3 percent to 2.24 pesos ($0.77).

Argentina's dollar-denominated 8.3 percent bond maturing in 2033, one of the new securities the government will issue in the swap, climbed to 80 cents on the dollar today from 79.5 cents yesterday, according to Buenos Aires-based Banco Mariva. The bond has dropped from 92 cents on March 9 in trading in a when-issued market ahead of the exchange.

`No Concern'

``If indeed, as expected, the appeals court rules in favor of Argentina there is no concern, but there is a risk they won't and if they don't it will derail the whole restructuring,'' Amorim said.

Argentina earlier this month said holders of 76.2 percent of the debt swapped bonds with a face value of $62.3 billion for new securities. The country defaulted on $95 billion in debt in late 2001.

``The appeals court will rule the same way as the first, so the exchange will eventually be completes, perhaps just not on April 1,'' said Mariano Tavelli, analyst at Tavelli & Cia in Buenos Aires. ``The local market is betting there will be delay but that the final decision will be the same.''

Cabinet Chief Alberto Fernandez signaled today the government would wait for the court of appeals to rule before moving ahead with the swap. ``We hope that the New York court expedites this rapidly to be able to complete the exchange,'' he said in an interview with Argentina's Radio America this morning.

``We always said the exchange would be a very long process and full of ups and downs,'' Miceli said at a breakfast with reporters in the bank's headquarters. ``If there is any risk the bonds won't go to investors who took part in the exchange, Argentina won't play the game because it would make winners out of those betting on our collapse.''

To contact the reporter on this story:
Eliana Raszewski at eraszewski@bloomberg.net

To contact the editor responsible for this story:
Laura Zelenko at lzelenko@bloomberg.net

Last Updated: March 31, 2005 12:44 EST

[FaGal]

Argentine Stocks Drop on Concerns Defaulted Debt Swap Delayed

March 31 (Bloomberg) -- Argentina's benchmark stock index fell, its sixth decline in the past seven sessions, on concerns the country may delay tomorrow's planned exchange of $62.3 billion of defaulted debt for new securities.

A ruling by U.S. District Judge Thomas Griesa Wednesday to end a freeze on $7 billion of the government's defaulted debt won't be carried out until reviewed by an appeals court. The government isn't going to move ahead with the exchange unless it's certain the swap will be successful, said Felisa Miceli, president of the country's state-owned Banco Nacion, which advised Argentina on the exchange.

``We need to be conservative and do this when there is safety the funds will get to those who they are intended for,'' Miceli said at a breakfast with reporters at the bank's headquarters. ``The government wants to move ahead.''

Economy Ministry spokesman Armando Torres didn't return a telephone call seeking comment.

The Merval fell 6.86, or 0.5 percent, to 1394.26 at 10:07 a.m. New York time, led by Grupo Financiero Galicia SA, the country's biggest non-government bank. Galicia fell 1.8 percent to 2.23 pesos ($0.76).

``We always said the exchange would be a very long process and full of ups and downs,'' Miceli said at a breakfast with reporters in the bank's headquarters. ``If there is any risk the bonds won't go to investors who took part in the exchange, Argentina won't play the game because it would make winners out of those betting on our collapse.''

To contact the reporter on this story:
Eliana Raszewski at eraszewski@bloomberg.net

To contact the editor responsible for this story:
Laura Zelenko at lzelenko@bloomberg.net

Last Updated: March 31, 2005 10:08 EST

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Ieri sera sono state accettate dal Giudice Griesa 8 Class......

Vai Griesa....falli neri...


Debito Argentina, via libera a corte Usa a nuove \'class action\'

NEW YORK, 1 aprile (Reuters) - Un giudice federale Usa ha autorizzato ieri sera otto nuove cause della categoria 'class action' mosse da creditori che non intendono accettare i termini di ristrutturazione del debito argentino in default. Si apre così almeno potenzialmente una via legale per i portatori che non hanno aderito all'offerta di pubblico scambio. Il via libera arrivato dal giudice del distretto di New York Thomas Griesa a otto azioni legali separate porta a nove il numero delle 'class action' certificate negli Stati Uniti nei confronti dell'emittente sovrano Argentina. A oltre tre anni dalla dichiarazione di insolvenza su titoli di Stato per 81,8 miliardi di dollari - 102,6 miliardi tenendo conto degli interessi - Buenos Aires ha proposto ai creditori di accettare un'offerta di scambio che rimborsa circa 30 centesimi per ogni dollaro investito con un'operazione di swap della durata di sei settimane chiusa il 25 febbraio scorso. L'Argentina ha annunciato ieri il rinvio dell'emissione dei nuovi titoli da assegnare agli investitori che hanno aderito all'offerta fino alla sentenza della corte d'appello Usa sulla richiesta di sequestro di vecchi titoli di Stato per 7 miliardi avanzata da creditori contrari allo swap. Circa il 76 per cento dei portatori di obbligazioni ha accettato di aderire all'offerta piuttosto che perdere l'intero investimento, ma alcuni fondi hanno avviato azioni legali nel tentativo di impugnare beni governativi argentini, immobili o liquidi, per recuperare parte degli investimenti. Saul Roffe, avvocato di parte degli otto creditori, ognuno in rappresentanza di diverse categorie di obbligazioni, spiega che le 'class action' forniranno un nuovo canale legale per quanti si sono chiamati fuori dall'offerta sul debito. "Stiamo cercando di rappresentare chi non ha aderito alla proposta in modo da ottenere il parziale rimborso degli investimenti" dice. Griesa ha invece negato l'autorizzazione ad altre due 'class action' rappresentate da Roffe spiegando che le cause si sovrappongono a quelle dell'uomo d'affari tedesco Horst Urban. Nessun commento sulla sentenza da parte dei difensori di Buenos Aires presenti all'udienza. Urban dice di rappresentante di titoli per circa 3,5 miliardi suddivisi tra Europa, Stati Uniti e Sud America. Non è chiaro quanti titoli di Stato in default siano invece rappresentati dalle nuove 'class action'. ((Redazione Milano, Reuters messaging: alessia.pe.reuters.com@reuters.net, +39 02 66129854, milan.newsroom@news.reuters.com))
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[pietro66]

Con beneficio di inventario (ovvero di verifica diretta) la lista dei bnds interessati dovrebbe essere questa:

US040114FB19
US040114GA27
US040114GD65
US040114GF14
US040114GG96
US040114AN02
US040114AV28
US040114AZ32

queste invece le due "rigettate" perchè già proposte da URBAN (anche se per i soli interessi):

US040114BE93
US040114AR16

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Originalmente inviato da pietro66

Con beneficio di inventario (ovvero di verifica diretta) la lista dei bnds interessati dovrebbe essere questa:

US040114FB19
US040114GA27
US040114GD65
US040114GF14
US040114GG96
US040114AN02
US040114AV28
US040114AZ32

queste invece le due "rigettate" perchè già proposte da URBAN (anche se per i soli interessi):

US040114BE93
US040114AR16

VUOI VEDERE CHE MI ...PAGANO 2 VOLTE......

Spero che queste siano per capitali + interessi.....o no?

[FaGal]

Debbo dire che URBAN GMBH è sfigata