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FOR IMMEDIATE RELEASEAugust 13, 2014CONTACT:Hal BienstockProsek Partners[email protected] 212-279-3115 x253Brian SchafferProsek Partners [email protected] 212-279-3115 x229 AURELIUS CAPITAL COMMENTS ON ARGENTINA’S DEFAULT SAGAAurelius Capital Management, LP today issued the following statement:In addition to our exhaustive efforts to settle with Argentina, we have engaged with many private parties about a so-called “private solution” that would avert or end the present Event of Defaulton tens of billions of dollars of Argentine sovereign debt. That engagement has convinced usthat there is no realistic prospect of a private solution. No proposal we received was remotely acceptable. The entities making such proposals were not prepared to fund more than a small part, if any, of the payments they wanted us to accept. One proposal was withdrawn before we could even respond. And no proposal made by us received a productive response.Stripped of this mirage, the sober truth remains: Argentina’s leaders have made a calculated,cynical decision to violate and repudiate court orders and to place the Republic in wholesaledefault. Argentine officials hide behind the RUFO provision but make no effort to seek waiversfrom it (despite being offered them by many of the exchange bondholders).The Argentine people have already paid a dear price for their leaders’ hubris. With Argentinayet again defaulting on its bonds, we fear the worst is yet to come.
NOTE: Aurelius Capital Management, LP undertakes no duty to update this statement. Nothing herein should beconsidered investment advice or a recommendation to buy or sell any securities.
