Two US-based hedge fund firms – Glacial Capital and TRSE – have filed a complaint in a New York court against Buenos Aires province over $77m in defaulted debt on bonds issued in 2011, according to a report by the Buenos Aires Herald.
In August 2021, the funds refused to accept a debt restructuring on the bonds, which were due on 26 January 2021, after the provincial government – following 21 separate extensions – finally agreed a successful debt swap with 90% of bondholders.
In 2023, a New York judge ruled in the fund’s favour, ordering Buenos Aires province to make a $35m payment, with the province currently negotiating that suit. The new $77m complaint is for the subsequent unpaid maturities.
