NEW YORK, April 12, 2016 /CNW/ -- Daniel A. Pollack, Special Master presiding over settlement negotiations between Argentina and its "holdout" Bondholders, issues the following Statement:
"The Republic of Argentina has reached a settlement with another large 'holdout' bondholder, Yellow Crane Holdings, LLC, for a total of approximately $255 million. The Agreement in Principle, signed today by Yellow Crane Holdings, LLC and counter-signed by the Republic of Argentina, involves settlement of bonds under a range of laws, including those of New York, England, Germany, Italy and Switzerland. The settlement is within the terms of the Propuesta of February 5, 2016 issued by the Republic and pursuant to the terms of the Master Settlement Agreement and relevant Instructions. Accordingly, Yellow Crane Holdings, LLC will not, according to financial officials of the Republic of Argentina, be paid on bonds that are time-barred under relevant periods of limitation, but will surrender those bonds, together with the bonds on which it will be paid. The ability of the Republic of Argentina to make this payment is contingent upon the ruling of the Court of Appeals on the lifting of the Injunction in the cases in the Southern District of New York. The Court of Appeals will hear oral argument on that appeal tomorrow, April 13. I will have no further statement on the settlement at this time."
CONTACT: Daniel A. Pollack, 212-609-6900
SOURCE Daniel A. Pollack