2. This Order is issued within the context of a dispute relating to Claimants’ claim for compensatory damages due to Respondent’s alleged breach of its obligations under the Agreement between the Republic of Argentina and the Republic of Italy on the Promotion and Protection of Investments, signed in Buenos Aires on 22 May 1990, in two original copies, in the Italian and the Spanish language, both texts being equally authentic (hereinafter “Argentina-Italy BIT”) in relation to alleged bonds issued by Respondent, allegedly held by Claimants, on which payment Respondent defaulted.
3. After Argentina defaulted on 24 December 2001 on over US$ 100 billion of external bond debt owed to both non-Argentine and Argentine creditors, 2 it proceeded with a restructuring of its debt culminating in the launching on 14 January 2005 of an Exchange Offer, pursuant to which bondholders could exchange existing series of bonds, on which Argentina had suspended payment, for new debt that Argentina would issue. On 25 February 2005, the period for submitting tenders pursuant to the Exchange Offer expired with the participation of 76.15% of all holdings. 3
4. The Claimants did not participate to the Exchange Offer. It is disputed between the Parties whether and, if so, to what extent Claimants are entitled to claim for compensatory damages concerning the bonds purchased by Claimants and not submitted to the Exchange Offer. This dispute brought Claimants to file their Request for Arbitration with ICSID on 14 September 2006.