A creditor group led by Owl Creek Asset Management says it is close to controlling enough defaulted Argentine bonds to demand immediate repayment. The process, known as “acceleration”, would be appealed by the Argentine government.
The hedge fund is working with law firm Jones Day to find other holders of the $5.4 billion in bonds that want to join the group, according to sources cited by Bloomberg.
The investors need at least 25 percent of a series of notes in order to demand their money. Owl Creek first sought to form the group last year after starting its Argentina Recovery Fund in September.
Source: Buenos Aires Herald