Argentina: Extension needed to settle debts
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Argentina: Extension needed to settle debts

Lawyers for a majority of U.S. creditors settling with Argentina over longstanding debts have demanded that a New York judge to keep orders protecting them in place.

The lawyers asked Judge Thomas Griesa in Manhattan federal court Tuesday to wait at least a month before clearing the way for his orders to eventually dissolve. Griesa didn’t immediately rule.

Argentina’s lawyer urged against delays, saying settlements with 85 percent of creditors this year can move forward fastest without court orders in the way.

But most lawyers for small investors and large hedge funds argued against quick action by the judge. They say dissolving orders limiting Argentina’s flexibility in financial markets will bring more appeals and litigation.

Argentina argues the orders could block its fundraising and legislative actions.

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Griesa lifts ban on Argentina ‘vulture’ settlements