Buenos Aires province has reached a settlement with hedge funds Glacial Capital and TRSE Holdings over defaulted bonds, paying $106 million in cash and bonds after losing a New York court case in 2024, according to a report by Buenos Aires Herald.

The dispute arose from 2011 bonds that defaulted in July 2020 when the funds declined to participate in a broader 2021 debt restructuring, which successfully restructured over 97% of the outstanding principal. The settlement represents roughly 63% of the total amount owed, including interest.

Under the agreement, the hedge funds received Series A bonds maturing in 2037 and a cash payment covering accrued interest since 2021. The province said the deal effectively secures financing until 2037 at a record-low 3.25% annual rate.

With this settlement, all outstanding lawsuits related to the 2021 debt exchange, including claims filed in Germany, have now been resolved.