Tag: NML Capital LtdNML Capital Ltd
Argentina appeals hedge funds case to US Supreme Court; warns of 'havoc' if lower court ruling stands
Argentina announced on Tuesday it had appealed to the US Supreme Court against a lower court order to pay off hedge fund investors in its bonds, arguing that order violated its sovereignty.
The US government has asked the US Supreme Court to intervene over a hedge fund's effort to gain information about Argentina's non-US assets as part of an ongoing litigation, which is rapidly becoming a lead case regarding sovereign assets and sovereign debts rescheduling.
For the first time since the litigation of hedge funds against Argentina the International Monetary Fund warned about the ‘risks’ which would entail ratifying Judge Thomas Griesa ruling condemning Argentina to pay over a billion dollars plus interests to the so called ‘vulture funds’.
A US appeals court gave holders of defaulted Argentina debt three weeks to respond to the country’s proposed plan to pay them much less than the 1.33 billion dollars they have sued to collect.
Argentina has made its final written arguments ahead of a February 27 US courtroom showdown against holdout bondholders demanding full payment of capital plus interests for sovereign debt from the default of more than a decade ago.
The frigate ARA Libertad is already in Argentine waters and is scheduled to arrive Wednesday to the port of Mar del Plata, escorted by dozens of yachts and other vessels, to a huge reception ceremony headed by President Cristina Fernandez, ministers and top officials.
The Argentine government issued a statement in response to a recent piece published on the British tabloid “The Sun”, and assured that President Cristina Fernández will fly in a private plane on her next tour to avoid a potential impounding of the official presidential plane by vulture funds.
Argentina’s worldwide court battles against the hedge funds which did not accept the restructuring of its defaulted debt and are after the country’s assets, has gained another ally, the president of the World Economic Forum, (WEF) Klaus Schwab.
Ghana’s Ports and Harbours Authority (GPHA) admits to having lost 7.6 million dollars as a result of the Argentine frigate ARA Libertad's occupation of its prime berth for a period of 76 days, reports Accra’s Graphic Online.
The Argentine Navy flagship ARA Libertad set sail for Mar del Plata on Wednesday four days after a UN court ordered its release from the Tema port in Accra, Ghana, following a 77 day embargo (since 2 October) due to a claim by vulture fund NML Capital.