NEW YORK (AP) — A federal appeals court has cleared the way for Argentina to settle its debts and strengthen its ability to maneuver in worldwide markets.
The 2nd U.S. Circuit Court of Appeals in New York City on Wednesday turned away creditors who wanted to keep in place court-ordered protections. Since January, Argentina has reached deals to pay out over $8 billion to creditors, including U.S. hedge funds.
The creditors went to court in New York after Argentina in 2001 defaulted on $100 billion in bonds. Argentina invited all its bondholders to swap their bonds at steep discounts for new bonds in 2005 and 2010.