While the world awaits Argentina’s surrender to the “vulture” investors it vowed never to pay, newly elected center-right president Mauricio Macri agreed on Tuesday to pay a first set of bondholders $1.3 billion. Pending approval of the Argentine Congress and the bondholder board, the payment amounts to 150 percent of face value for the 50,000 Italian retail investors who pressed the first mass arbitration at the World Bank’s International Centre for Settlement of Investment Disputes.
“I’m delighted that the ICSID process worked for both sides,” said their counsel, Carolyn Lamm of White & Case.
