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Argentina is tied by the a contractual clause known as RUFO (rights upon future offers) that bars it from offering holdouts anything better than the 30 cents on the dollar the exchange bondholders received.
The country has claimed that the Right Upon Future Offers (RUFO) clause included in the restructured bonds preclude it from offering the hold-outs a better deal than the one it extended to the bondholders who accepted the 2005 and 2010 debt exchanges.
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The government claimed it could not pay the hold-outs without triggering a Rights Upon Future Offers (RUFO) clause contained in the restructured bonds.
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