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

Legal

Buckeye Pipeline Quietly Makes Key Acquisition

Houston-based logistic firm Buckeye Partners has spent more than $3.5 billion buying assets since 2010, transforming itself from a quiet regional pipeline utility into an emerging energy powerhouse.

Bangladeshi Albedo Survivors Helped by their Govt.

Yesterday, 16th September 2014, Chirag Bahri, MPHRP's Regional Director for South Asia, attended a ceremonial event organised by the Ministry of Shipping, Bangladesh

ICS Counsels Wisdom on Ballast Water Convention

The International Chamber of Shipping (ICS) has reiterated its call for governments to address the serious implementation issues concerning the IMO Ballast Water

Finance

Statoil: COSL Pioneer Temporarily Suspended

Due to overcapacity in their rig portfolio, Statoil will lay up the COSL Pioneer rig in the fourth quarter of 2014. The rig is currently carrying out an assignment

Buckeye Pipeline Quietly Makes Key Acquisition

Houston-based logistic firm Buckeye Partners has spent more than $3.5 billion buying assets since 2010, transforming itself from a quiet regional pipeline utility into an emerging energy powerhouse.

Sri Lanka Port Project: China Merchants, CHEC Invest $601-M

Two of China's largest port operators and engineering firms have agreed to invest in a $601 million terminal in Sri Lanka's Hambantota port, part of a series of

 
 
Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.1512 sec (7 req/sec)