Just
four months after suing Vietnam's state-owned shipbuilder, Elliott Associates
is abandoning the case.
Elliott
has dropped its suit against Vinashin, filed in December in the U.K., over the
company's default on a US$600 million syndicated loan.
It is
unclear why Elliott, which in the past has not shied away from long court
battles against sovereign governments—it is still battling Argentina over that
country's default 10 years ago—decided to drop the case, but it coincides with
the 20-year prison sentence against former Vinashin CEO Pham Thanh Binh, who
was convicted of ignoring government regulations for state-owned companies in
putting Vinashin more than US$4.4 billion in debt.
Elliott
sued after Vinashin offered just 35 cents on the dollar for the debt in
default. The hedge fund demanded face value and unpaid interest, totaling some
US$13.2 million.
The hedge
fund had claimed that the Vietnamese government had guaranteed Vinashin's debt,
an argument rejected by Vietnam.
finalternatives.com
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