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US investor fund says 'no realistic prospect' for private deal to end Argentina default

Negotiations on a private-sector deal to end the battle that triggered a default by Argentina have apparently ended without success.

A U.S. investment fund says an effort to reach a settlement has produced "no realistic prospect" for a solution.

Aurelius Capital Management LP says in a statement that proposals by banks or others to buy its Argentine bonds were not even "remotely acceptable." Aurelius did not provide details of the proposals in the statement late Wednesday.

Argentina has been in a decade-long battle with Aurelius and other investors seeking full payment on bonds the country defaulted on in 2001. The funds refused to accept lower terms accepted by other creditors. They obtained a U.S. court order blocking Argentina from paying other bondholders, triggering the July 30 default.