November 18, 2013 / 9:48 PM / 6 years ago

Argentina loses bid for U.S. court rehearing in bondholder case

NEW YORK, Nov 18 (Reuters) - A U.S. appeals court on Monday declined to reconsider an order requiring Argentina to pay $1.33 billion, ruling in favor of bondholders who refused to participate in two debt restructurings spinning out of the country’s 2002 default.

The 2nd U.S. Circuit Court of Appeals in New York denied a petition by Argentina for rehearing by all of the judges sitting on the court.

The court’s decision sets the stage for Argentina to go to the U.S. Supreme Court in a case that has created concerns about a potential new debt crisis following Argentina’s $100 billion default more than a decade ago.

The decision is a victory for bondholders led by the hedge funds NML Capital Ltd, which is a unit of Paul Singer’s Elliott Management Corp, and Aurelius Capital Management.

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