Argentina is asking a Manhattan federal appeals court to reverse an order for the country to pay $1.33 billion to “holdout” creditors who refused to join two swaps for the country’s defaulted debt.
Argentina’s lawyers at Cleary Gottlieb Steen & Hamilton said in papers filed on Dec. 28 that the order violates the country’s sovereignty. The lawyers said the order also threatens service on at least $24 billion of Argentina’s restructured sovereign debt, impairs the rights of third parties and puts global debt markets at risk.
