US creditors: More time needed for Argentina to seal deals

AP News
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Posted: Mar 01, 2016 4:32 PM

NEW YORK (AP) — Lawyers for a majority of U.S. creditors settling with Argentina over longstanding debts want a New York judge to keep orders protecting them in place.

The lawyers asked Judge Thomas Griesa (GRIZ'-ay) in Manhattan federal court Tuesday to wait at least a month before clearing the way for his orders to eventually dissolve. He didn't immediately rule.

Argentina's lawyer urged against delays, saying settlements with 85 percent of creditors this year can move forward fastest without court orders in the way.

But most lawyers for small investors and large hedge funds argued against quick action by the judge. They say dissolving orders limiting Argentina's flexibility in financial markets will bring more appeals and litigation.

Argentina argues the orders could block its fundraising and legislative actions.