By Julie Wernau 

Argentina is asking a U.S. judge to lift an injunction preventing it from borrowing abroad, an attempt to go around owners of its defaulted debt that rejected the country's $6.5 billion settlement offer.

The country's request was strongly criticized by some U.S. holders of the defaulted government debt, who could appeal any ruling to lift the injunction.

But the move shows that the new Argentine President Mauricio Macri is taking a more aggressive stance to end a 15-year stalemate with debt owners.

Argentina last week made its first formal offer to U.S. bondholder holdouts. Previous Argentine governments have called bondholders "vultures" and walked away from negotiations when they declined to accept Argentina's terms.

By asking a judge to lift the injunction, which could allow Argentina to return to the international capital markets, Mr. Macri is sending a signal that Argentina doesn't want to drag out negotiations and will pursue other options if holdouts don't come around.

Mr. Macri's actions signal "Argentina's intent on resolving the issue, putting the default behind it, and re-accessing capital markets," said Yacov Arnopolin, lead emerging-markets debt portfolio manager at Goldman Sachs Asset Management, which has $34 billion in emerging-markets debt under management.

The country defaulted on more than $80 billion in government debt in 2001, the largest sovereign default at the time. Mr. Macri has pledged to end the stalemate so Argentina can raise new capital from a foreign bond offering to help stimulate his country's depressed economy.

Some of the biggest holders, such as Elliott Capital Management and Aurelius Capital Management, rejected Argentina's offer last week to pay 75% of what creditors in U.S. court have claimed they are owed. Aurelius Chairman Mark Brodsky said Argentina's effort to lift the injunction before reaching a settlement only made matters worse.

"Argentina chose to litigate," he said. "This is a baffling continuation of the failed strategy of the past."

Mr. Macri has received a better reception from others, including U.S. District Judge Thomas Griesa, who is overseeing the proceedings. On Thursday, he ordered U.S. bondholders to explain by Feb. 18 why he shouldn't comply with Argentina's request to lift the injunction.

"He can't force the holdouts to accept an offer, but he can make holding out very unattractive," said Tim Samples, a University of Georgia law professor who has been following the case.

Two U.S. bondholders with more than $1 billion in debt between them have agreed to the offer, according to Argentine officials.

"Claims by four other large 'holdouts' were not resolved this week, but intensive discussions between and among high-ranking Argentine Government officials, principals of those four firms and me have continued through the week," Daniel Pollack, court-appointed mediator, said in a statement.

Some investors have been piling into Argentina bonds, pushing up prices in anticipation that Mr. Macri will settle the dispute. Argentina's benchmark bond due 2033 has risen 5% since before Mr. Macri's election in November to yield 6.7%, according to BondTicker data.

Taos Turner contributed to this article.

Write to Julie Wernau at Julie.Wernau@wsj.com

(END) Dow Jones Newswires

February 12, 2016 17:38 ET (22:38 GMT)