Mendoza Debt Swap Ruling Upheld

The Province of Mendoza, Argentina, is celebrating the decision by a New York Appeals Court to uphold a previous ruling by Judge H. Baer Jr. which found in favor of the province’s Aconcagua debt swap against bondholders Greylock Global Opportunity Master Fund Ltd. and Greylock Global Distressed Debt Master Fund Ltd., who brought a case against Mendoza last September in the US courts. The $250 million Aconcagua bond offering was originally issued in 1997 with a maturity date of 2007. The bond was restructured in 2004 to mature in 2018.