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In re Board of Directors of Telecom Argentina, S.A.

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Argued: January 4, 2008

Before: SOTOMAYOR and LIVINGSTON, Circuit Judges, and CARMAN, Judge.*fn1

This appeal arises out of the efforts of a major Argentine telecommunications company, Telecom Argentina, S.A., to renegotiate its financial obligations with multinational investors in the wake of a national economic crisis, and the challenge by one investor, appellant here, to the restructuring plan. Appellant The Argo Fund Ltd. (“Argo”) appeals from a judgment, entered November 27, 2006, by the United States District Court for the Southern District of New York (Buchwald, J.), affirming a February 24, 2006 order of the bankruptcy court (Lifland, B.J.), that confirmed a petition by the Board of Directors of Telecom Argentina, S.A. (“Telecom”) for recognition of an ancillary foreign proceeding pursuant to former section 304 of the Bankruptcy Code. See 11 U.S.C. § 304, repealed on April 20, 2005, repeal effective October 17, 2005 (“section 304″). We hold that the bankruptcy court did not abuse its discretion in confirming the petition recognizing the restructuring plan and extending comity to the Argentine proceedings based on its finding that those proceedings did not violate U.S. public policy considerations manifest in the Trust Indenture Act of 1939, 15 U.S.C. § 77ppp(b), the best interests of the creditor test, 11 U.S.C. § 1129(a)(7), or the good-faith requirement in the Bankruptcy Code, 11 U.S.C. § 1129(a)(3). We further conclude that the bankruptcy court did not abuse its discretion in denying additional discovery or expert testimony. Accordingly, we AFFIRM the judgments below.

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