NEW YORK, November 29 - RAPSI. The New York State Court of Appeals has suspended the federal court ruling which obligated the Argentinean government to pay over $1.3 billion to "holdout creditors" as an immediate one-time payment of the country's debt obligations made 11 years ago, the court ruling published on Wednesday reads.

The court overturned the previous December 15 deadline for the debt repayment and set February 27 as the date for the pleadings in New York.

In 2005 and 2010, the Argentinean authorities restructured its debt repayment system with regard to its debt obligations of 2001, for which the repayments had stopped.

But some of the debt obligations' holders rejected the restructuring plan and demanded the full payment.

The Argentinean media reported that the attorneys stressed in the appeal that New York Federal Judge Thomas P. Griesa ruled in his verdict that the entire debt should be paid as a flat sum to the holdout creditors, while those who had agreed to the restructuring would be repaid in installments up until 2038.

The lawyers argued that this creates uneven terms for investors.

In October, the Argentinean frigate Libertad was detained in Ghana under the claim by the NML Capital Ltd. international financial fund, which is one of the main holders of Argentina's debt obligations. The frigate is still in the port of Ghana. Argentina has disputed the ruling to arrest the frigate at the International Tribunal of the Law of Sea.
NML Capital Ltd is a branch of Elliot Capital Management headed by Paul Singer (whose fortune amounts to $1.1 billion, according to Forbes).