Statement Of Daniel A. Pollack, Special Master In Argentina Debt Litigation, February 19, 2015

NEW YORK, Feb. 20, 2015 /PRNewswire/ -- Daniel A. Pollack, the Special Master appointed by Judge Thomas P. Griesa to conduct and preside over settlement negotiations between the Republic of Argentina and its Bondholders, issued the following statement today:

I have been asked by the Court to issue a statement on the status of settlement negotiations. The RUFO clause (Rights Upon Future Offering), which the Government of Argentina had asserted as the basis for their inability to negotiate, expired on December 31. Shortly thereafter, the largest Bondholder, NML, issued, through me, an invitation to the Government of Argentina, on behalf of NML and other Bondholders who were involved in last summer's meetings, to resume negotiations. The invitation by the Bondholders was without pre-conditions and offered the possibility to the Government of Argentina of a settlement without any present payment of cash, details to be negotiated. That invitation was transmitted by me to Counsel for the Government of Argentina, Cleary Gottlieb, on January 30, with follow-up calls by me over the next two weeks. The Government of Argentina has neither accepted nor otherwise responded to the invitation by the Bondholders.