Posts tagged 'Grenada'

Argentina tries to settle with holdouts. Not those ones though.

Beyond the Supreme Court, Judge Griesa, and Elliott Associates’ own (rather remarkable) media offensive telling Argentina to talk before the pari passu screws turn…

It comes down to the Republic’s own incentives to settle. Especially when it’s been such a “uniquely recalcitrant” debtor for so long.

And so — while it might seem a long way from the pari passu saga — we’re interested in this week’s news (via Ambito) that Argentina wants to pay $500m (in bonds) to settle with five companies and get them to stop suing it through ICSID, the World Bank’s investment arbitration tribunal…

Change in the air? Change which might spread to NML v Argentina? Read more

The negative pledge saga?

There’s one last crossover to consider between Grenada and Argentina in the current pari passu saga.

Here we might be getting slightly further into the future of sovereign debt litigation. But it’s equally important for the IMF and other keepers of the system to keep an eye on, we think.

It just happens to involve a different piece of bond contract… Read more

Pari passu: judgment day

Not a reference to the Second Circuit’s imminent ruling in the Argentina case, nor the Argentine government’s late-night petitioning to the Supreme Court over pari passu. Although it could be.

We’ve already seen how NML Capital v Argentina has influenced Grenada’s legal battle with the Taiwanese government-owned Export-Import Bank of the Republic of China.

Now for something that might particularly bear on the future. Read more

Days of future pari passu

Not long now until the US Court of Appeals for the Second Circuit finally makes its ruling on trickier parts of the Argentina pari passu case. No later than early July, probably. Can’t wait.

Argentina couldn’t wait. The government filed its long-expected cert petition to the Supreme Court this week, mostly in order to complain about the federal-law implications of the Second Circuit’s original ruling in October 2012. There’s lots of outrage about ‘sovereign property’ and the US Foreign Sovereign Immunities Act.

But one Taiwanese development bank and its Caribbean island borrower, fighting each other over $32m of defaulted loans in The Export-Import Bank of the Republic of China v Grenada, really couldn’t wait… Read more

And the beat goes on, pari passu and sovereign restructuring edition

They’ve become interesting side-players in the saga principally starring Argentina — so it’s probably worth noting the latest from these two Caribbean sovereigns…

Belize has closed its restructuring with 86 per cent approval by its creditors: Read more

Pari passu, the cross-sovereign contamination

Some excerpts from a lawsuit filed by the Export-Import Bank of China (Taipei) against Grenada in a United States district court on March 4, 2013…

If you have been following the pari passu saga on ratable payment of sovereign debt — they tell their own story. (Click to enlarge all images.) Read more