NEW YORK--(BUSINESS WIRE)--Aurelius Capital Management, LP today issued the following statement:
In addition to our exhaustive efforts to settle with Argentina, we have engaged with many private parties about a so-called “private solution” that would avert or end the present Event of Default on tens of billions of dollars of Argentine sovereign debt. That engagement has convinced us that there is no realistic prospect of a private solution.
No proposal we received was remotely acceptable. The entities making such proposals were not prepared to fund more than a small part, if any, of the payments they wanted us to accept. One proposal was withdrawn before we could even respond. And no proposal made by us received a productive response.
Stripped of this mirage, the sober truth remains: Argentina’s leaders have made a calculated, cynical decision to violate and repudiate court orders and to place the Republic in wholesale default. Argentine officials hide behind the RUFO provision but make no effort to seek waivers from it (despite being offered them by many of the exchange bondholders).
The Argentine people have already paid a dear price for their leaders’ hubris. With Argentina yet again defaulting on its bonds, we fear the worst is yet to come.