On Thursday, Argentina deposited $539 million in BNY Mellon's account at the Central Bank of Argentina intended only for bondholders who participated in two sovereign debt exchanges in 2005 and 2010.
The deposit was made, Argentina said, in order to meet a June 30 coupon payment deadline. There is a 30 day grace period, however, before a default can be declared if exchange bondholders do not receive their money.
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Argentina was ordered by Griesa in 2012 to pay holdouts, who did not participate in the debt exchange, $1.33 billion plus interest on unrestructured bonds stemming from the country's $100 billion default in 2001-2002. The order was denied a hearing by the U.S. Supreme Court on June 16, effectively upholding the holdout's victory in the U.S. 2nd Circuit Court of Appeals.
Holdout investors are led by Elliott Management's NM Capital Ltd and Aurelius Capital Management, two hedge funds that specialize in buying up deeply discounted or distressed debt and negotiating profitable settlements, often through the use of the courts.
BNY Mellon in court confirmed Thursday's deposit was made into its account and told Griesa it was seeking to comply with his orders.
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"Those funds remain in that account. Nothing more has happened," BNY Mellon's lawyer Eric Schaffer of Reed Smith told Griesa.