Statement of Daniel A. Pollack, Court-Appointed Special Master, October 5, 2016

NEW YORK, Oct. 5, 2016 /CNW/ -- Daniel A. Pollack, appointed by U.S. District Judge Thomas P. Griesa to preside over settlement negotiations between the Republic of Argentina and its "holdout" Bondholders, issued the following statement today:

"I am pleased to announce that the Republic of Argentina, following brief but intensive negotiations in my office, reached agreement today with one of the last remaining large "holdout" Bondholders, Banca Arner SA of  Switzerland. Argentina will pay Banca Arner, for its clients, US $40,520,000 (forty million, five hundred and twenty thousand dollars), and Banca Arner will surrender all of its defaulted Argentine bonds and dismiss its lawsuit against Argentina. The Argentine negotiating delegation was led by Secretary of Finance Luis Caputo and Under Secretary of Finance Santiago Bausilli, and the Banca Arner negotiating delegation was led by Paolo Del Bue with attorneys Leonardo Spina of Milan and Banks Brown of New York City. This is, in my view, a fair and equitable resolution for both parties of a complex 10-year litigation. The settlement falls within the parameters of the February 5, 2016 Propuesta  issued by Argentina on February 5, 2016. I will have no further comment on the settlement at this time."

SOURCE Daniel A. Pollack

Daniel A. Pollack, 212-609-6900