NEW YORK, Feb. 17, 2016 /PRNewswire/ -- Daniel A. Pollack, Special Master presiding over settlement negotiations between the Republic of Argentina and its Bondholders, issued the following statement today:
I am very pleased to report that the Republic of Argentina has reached an Agreement in Principle to settle the Brecher Class Action, pending before Honorable Thomas P. Griesa. The exact size of the class will not be known for several weeks, but the settlement is on a "claims made" basis, which will require each potential class member to demonstrate to the Court that he or she has been a continuous holder of the Bonds from the outset of the litigation in 2006 through the present date. The settlement fits within the numerics of the Proposal publically issued by the Republic on February 5, and calls for payment of 100% of the principal and 50% of interest on the principal for each class member. The settlement is subject to two conditions: first, the approval by the Congress of Argentina, including the lifting of the Lock Law and the Sovereign Payment Law, and 2) the lifting of the Injunctions by Judge Griesa. As Special Master I am continuing to try to bring about settlements with other Bondholders, and am hopeful that there will be more settlements to come. I will have no further comment on this Agreement in Principle today.