Argentina yesterday asked a federal appeals court to grant it a new hearing in its contentious battle with Paul Singer’s Elliott Management over $1.3 billion the New York hedge fund says the country owes it.
Last month, a three-judge panel upheld a federal court decision that ruled Argentina would have to pay Elliott each time it made payments to bondholders who — unlike Elliott — agreed to a restructuring years ago.
The South American country is now seeking a hearing before the entire US Court of Appeals for the Second Circuit.
Argentina argues that the first appeals court decision contradicts the US’s position and laws on sovereign immunity and would make future sovereign debt restructurings more difficult to accomplish.