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Curbing The Power Of Pari Passu Clauses

Law360, New York (January 9, 2017, 12:56 PM EST) -- Sergio J. Galvis

Joseph E. Neuhaus

Yuliya Neverova In a decision last month in the long-running Argentine debt litigation, the U.S. District Court for the Southern District of New York spelled out significant limitations on prior rulings it had issued that were based on the pari passu clause in Argentina’s defaulted bonds. In those earlier rulings, the court had imposed injunctions barring Argentina from performing on new debt unless it likewise paid the defaulted debt. Those injunctions were lifted earlier in 2016 in a settlement with...
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