A group of hedge funds fighting to stop Argentina from paying other debt holders before them isn’t backing down, Bloomberg News reported yesterday. The hedge funds yesterday urged a U.S. judge to keep in place injunctions blocking Argentina from paying its restructured debt before the country pays them what they’re owed on defaulted bonds. Dropping the injunctions “would upend the negotiations that only now are just beginning in earnest and would risk new and unwanted litigation," funds led by Paul Singer’s NML Capital argued in a court filing in Manhattan. Argentina told the judge last week that a court-ordered ban is no longer needed after it reached agreements this month to resolve claims on defaulted bonds with billionaire Kenneth Dart’s EM Ltd. and Montreux Partners. The funds say that the injunctions are necessary to keep Argentina’s new president, Mauricio Macri, at the bargaining table. They dispute Argentina’s claim that settlement talks have made substantial progress.
