Argentina, Creditors Fail to Reach Deal

Negotiations between Argentina and its holdout creditors ended without a deal on Wednesday, a court-appointed mediator said, putting the country on track for its second default in 13 years.

Representatives of Argentina and holdout creditors led by Elliott Management Corp. affiliate NML Capital Ltd. spent hours meeting with mediator Daniel Pollack in New York on Tuesday and Wednesday. Argentina had until today to reach a deal with the creditors, or face a default on the bonds issued in exchanges following its 2001 default.

"Unfortunately, no agreement was reached and the Republic of Argentina will imminently be in default," Mr. Pollack said.

Standard & Poor's earlier Wednesday said Argentina was in "selective default" for failing to pay bondholders.

Write to Matt Day at matt.day@wsj.com

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