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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

IBIA Develops Bunkering Procedure Guidelines

A set of Standard Operating Procedures (SOP) for surveyors has been developed by the International Bunker Industry Association (IBIA) to help the industry manage new regulations,

Strikes Cause Stoppage in Greek Ports

A 48-hour strike by the Seamen’s Union in Greece is expected to affect all domestic and local ferry routes as well as commercial vessels calling at Piraeus, Aspropyrgos,

Evergreen Holding Group May Miss Bond Payment

Evergreen Holding Group, an unlisted company that specialises in building boats, issued a warning on Friday that it may have trouble making coupon and interest payments on a bond maturing on May 15.

Finance

Moody's Dings Hurtigruten's Outlook Due to Newbuilds

Moody's Investors Service, (Moody's) issued a press release affirming the B2 corporate family rating (CFR), B2-PD probability of default rating, and the B2 senior

NOL Posts Q1 Net Loss of $105 Mln

NOL Group reported a first quarter 2016 net loss after tax of $105 million. Core EBIT (Earnings before Interest, Taxes and Non-Recurring Items) for the period was a loss of $84 million,

US Aims to Recover El Faro VDR in Next Few Months

The U.S. National Transportation Safety Board hopes to recover the voyage data recorder from the cargo ship El Faro, which sank during a hurricane killing all 33 crew on board,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair Winch
rss | archive | history | articles | privacy | 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: 0.0846 sec (12 req/sec)