Elliott Rejects Argentina's Latest, Likely Final Offer

The dramatic showdown between Elliott Management Corp. and Argentina has now become repetitive. At one end, the holdout creditors refuse to budge on their demand of a $1.3 billion payment while on the other hand, Argentina keeps recycling the same payment offer over and over. In response to Argentina's latest and likely final offer, the hedge funds and holdout creditors led by NML Capital, an affiliate of Elliott, and Aurelius Capital rejected the settlement terms on Friday.

Argentina offered to exchange the defaulted bonds with new bonds which the holdout creditors called a worse alternative...