Freeze on Correo Argentino NY accounts dropped

A New York federal judge Friday vacated a temporary restraining order on two US accounts holding USD11 million linked to former Argentine postal service operator Correo Argentino SA. The accounts were frozen on claims by a foreign creditor of the Argentine government that the accounts were actually owned by the federal government and as such, could be used to satisfy an outstanding judgment related to defaulted sovereign bonds. “Based on the submissions of the parties and by Correo and the Trustee, this court finds that plaintiffs have not met their burden of establishing that the Republic has an attachable interest in the accounts,” said an order signed by Judge Thomas Griesa. The order comes a week after the judge upheld an earlier ruling freezing the accounts to ensure the money didn’t “vanish”.