NEW YORK (AP) - A New York federal judge has ordered Argentina to pay $6.1 billion in claims by creditors.
NEW YORK (AP) — A New York federal judge has ordered Argentina to pay $6.1 billion in claims by creditors.
The decision handed down Friday means the South American country owes $8 billion to U.S. hedge funds and others who refused to swap their bonds at a steep discount.
U.S. District Judge Thomas Griesa says the republic must pay all bondholders who refused to swap their bonds if it chooses to pay those who did.
The bond swaps occurred in 2005 and 2010 when Argentina invited creditors to exchange their old bonds for newly issued bonds worth up to 29 percent of the original bonds' value. About 93 percent of its bondholders accepted the swaps.
An Argentina lawyer did not immediately comment.