Argentina loses bid for U.S. court rehearing in bondholder case

Reuters

NEW YORK, Nov 18 (Reuters) - A U.S. appeals court on Mondaydeclined to reconsider an order requiring Argentina to pay $1.33billion, ruling in favor of bondholders who refused toparticipate in two debt restructurings spinning out of thecountry's 2002 default.

The 2nd U.S. Circuit Court of Appeals in New York denied apetition by Argentina for rehearing by all of the judges sittingon the court.

The court's decision sets the stage for Argentina to go tothe U.S. Supreme Court in a case that has created concerns abouta potential new debt crisis following Argentina's $100 billiondefault more than a decade ago.

The decision is a victory for bondholders led by the hedgefunds NML Capital Ltd, which is a unit of Paul Singer's ElliottManagement Corp, and Aurelius Capital Management.

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