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    Argentina to Pay $1.1 Billion to Two Creditors to Resolve Debt Dispute

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    Argentina will pay $1.1 billion to two of its creditors in order to resolve a long-standing debt dispute, court documents reveal.

    MEXICO CITY (Sputnik) – The settlements will be paid to EM Ltd. ($842- $848 million) and Montreux Partners LP ($298,664,000), according to the documents filed in New York federal court on Wednesday and cited by Law 360.

    Earlier this month, Argentina offered to pay $6.5 billion to US holdout creditors that would not accept debt restructuring.

    Most of Argentina's creditors agreed to debt restructuring conducted in 2005 and 2010. Two US hedge funds — Aurelius Capital management and NML Capital – refused to accept the deal, prompting US District Judge Thomas Griesa to freeze Argentina's ability to transfer funds to restructured bondholders until it pays the holdouts in the restructuring.

    The ruling forced Argentina into its second default in 13 years.

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