Court Orders Argentine Tall Ship Detention

Bernama
Friday, October 12, 2012
ARA Libertad: Photo credit CCL William Murphy

A Ghana court judge rejected plea to release the 'ARA Libertad' training ship, detained through complaint by a US hedge fund creditor.

The sail training ship has been detained with more than 200 hundred crew members on board since 2, October 2012 in a port close to the West African port of Accra, reports Bernama.

The ARA Libertad is a three-masted tall ship that stopped at Tema while training hundreds of Argentine navy cadets.

The seizure of the flagship of Argentina's Navy stems from a complaint from a US hedge fund. Elliott Capital Management's lawyers have searched worldwide for ways of collecting on Argentine bonds bought at fire-sale prices following Argentina's record debt default a decade ago. The complicated case involves players in three nations: Argentina, Ghana and the United States.

The US$15 billion hedge fund is run by billionaire Paul Singer.

 Most bondholders eventually agreed to cancel Argentina's bad debts for about 30 cents on the dollar, but Singer is among those holding out for the full promised value of those notes, plus interest.

 Courts in the United States and Britain have granted judgments worth US$1.6 billion to the hedge fund, but it and other bondholders are still suing for billions more. Argentina has refused to pay.


Source: Bernama-NNN-Mercopress
 

Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Philippines to Buy Naval Assets, China Sea Dispute Simmers

The Philippines aims to buy two frigates, two helicopters and three gunboats for deployment in the South China Sea where a territorial dispute with China has lent

Maersk: Rate Hike Under Pressure on Low Demand

Container shipping firm Maersk Line said a fresh attempt made on Monday to raise freight rates on main routes from ports in Asia to those in northern Europe was

WCI Applauds Barge Diesel Fuel User Fee Increase

Waterways Council, Inc. (WCI) and its members and stakeholders applauded the Senate’s passage, by a vote of 76 to16, of a 9-cent increase to the barge diesel fuel user fee.

Finance

Transpacific Box Shippers Plan Freight Rate Rise

A container shipping organisation urged companies on Wednesday to raise Asia-U.S. freight rates by at least $600 per 40-foot container (FEU) from Jan. 15, corresponding to an increase of 26.

Container Volumes on the Rise in South Carolina

Container volume up 13 percent at South Carolina Ports Authority; Charleston benefiting from federal appropriations    The SC Ports Authority announced another

Liebherr Expects Turnover Dip

For the 2014 business year, the Liebherr Group is currently anticipating an overall turnover of 8,866 million euros (2013: 8,964 million euros). In the area of construction machines and mining,

 
 
Maritime Careers / Shipboard Positions Naval Architecture Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1200 sec (8 req/sec)