Argentine Province La Rioja Sued in NY Over Missed Bond Payment

The Argentine province of La Rioja was sued by creditors in US Court, escalating a legal battle over some $10 million in missed bond payments.

The lawsuit, filed Thursday in a New York federal court, is linked to the province’s 8.5% dollar note due 2028, on which it missed a principal payment on Feb. 24. Provincial officials paid most of an interest due in late March, but some of that amount was retained by the bond trustee.

The plaintiffs, Beauregarde Holdings LLP, Beauregarde Holdings II LLP and Sandglass Select Fund LP, hold more than 50% of the total outstanding ...