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Second Circuit construes pari passu clause in Argentine bond issuance (but the saga continues) — Weil Restructuring

Revision 6e09b76c-ce2a-4b5b-a9c8-af9a2798743f · 10/6/2026, 3:36:49 PM UTC
Key
weil-nml-v-argentina-second-circuit
Authors
Weil, Gotshal & Manges LLP
Type
webpage
Container
Weil Restructuring
Publisher
Weil, Gotshal & Manges LLP
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  "title": "Second Circuit construes pari passu clause in Argentine bond issuance (but the saga continues)",
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Claims

  1. On October 26, 2012, the Second Circuit held in NML Capital v. Argentina that the equal treatment provision barred Argentina from discriminating against holdouts' bonds in favor of bonds issued in its 2005 and 2010 restructurings, and enjoined payments on the new bonds without payments on the old ones.
    "enjoined Argentina from making payments on the new bonds without also making payments on plaintiffs' old bonds."
    Quote language: en
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