The plaintiffs have squarely rejected the proposal that Argentina made in its March 29 reply to the Second Circuit’s March 1 inquiry as to how Argentina planned to “make current” the “original bonds” held by the plaintiffs. The stage is now set for the Second Circuit to rule.

On March 1, the Second Circuit offered Argentina the opportunity to tell the Court “how and when it proposes to make current those debt obligations on the original bonds that have gone unpaid over the last 11 years.” On March 29, Argentina replied, indicating that Argentina was willing to offer the plaintiffs a package of new bonds that it said would allow the plaintiffs to realize the values that the Exchange Bondholders have realized, but not the values inherent in the original bonds upon which the plaintiffs have sued. The Second Circuit then asked for the plaintiffs’ views, which they have now provided in a response filed on April 19. (That response, together with the other papers relating to this appeal, are all available on our Argentine Sovereign Debt webpage: www.shearman.com/argentine-sovereign-debt.)