Transcription of GLOBAL LAW INTELLIGENCE UNIT - Allen & Overy
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GLOBAL LAW INTELLIGENCE UNIT - Allen & Overy
Allen & Overy 2013 The contents of this document are confidentialGLOBAL LAW INTELLIGENCE UNITT hepari passuclause and the Argentine case27 December 20122 The pari passuclause and the Argentine case| December 2012 Allen & Overy 2013 The pari passuclause and the Argentine caseExecutive summaryThe case of NML Capital Ltd v Argentinadecided by a court of appeals in New York inOctober2012 held that Argentina violated a standard pari passuclause in its old unrestructured bonds and therefore Argentina was ordered not to make any payments on new bonds unless it made a rateable payment to theholders of the old bonds. The new bonds had been exchanged for most of the old bonds in 2005 and 2010pursuant to the restructuring of Argentina's foreign court held that the reasons for the violation were a combination, amongst other things, of a statutepassed by Argentina preventing Argentina from paying the holders of the old bonds as holdouts, declarationsby Argentina that it would not pay the holdouts and the persistent non-payment of the holdouts for six pari passuclause typically provides that the bond debt will rank pari passuwith other debt or, in thecase of sovereigns, other external debt.
© Allen & Overy 2013 pari passu. clause
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