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Holdout funds reach agreement with Citibank.

Global Banking News-March 24, 2015--Holdout funds reach agreement with Citibank

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Global Banking News - 24 March 2015

NML Capital and other Argentine debt holdout funds have said that the companies have entered into a deal with Citibank, a unit of Citigroup, Inc (NYSE: C).

The deal is intended to solve the legal dispute at New York courts over Argentine bonds. As part of the deal, Citibank will drop its appeal against NML in exchange for NML letting Citibank exit its Argentine-based business as custodian of the bonds. The bank is to sell its custody business after a settlement is put into place.

A spokesperson for NML said, 'NML and other creditors reached an agreement with Citibank, according to which Citibank agreed not to appeal the court's determination that the pari passu injunction covers all of Argentina's exchange bonds.'

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Publication:Global Banking News (GBN)
Date:Mar 24, 2015
Words:166
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