Argentina cannot evade payments under its government bonds: German Court rejects suggestion of a general rule of international public law obliging all creditors to participate in debt restructuring with states in economic crisis

On 24 February 2015, the German Federal Court of Justice (“Bundesgerichtshof“) handed down two judgements which could have a significant impact on holders of government bonds. The Federal Court of Justice held that the Argentine Republic cannot refuse payment to private creditors under its government bonds (“Inhaberschuldverschreibung“) by invoking state necessity due to inability to … Read more

President Hugo Chavez’s Legacy: What Future for Investors in Venezuela?

Overnight the Venezuelan government has confirmed the death of President Hugo Chavez after a long battle with cancer. President Chavez had been a constant force in Latin America since he came to power in 1999, and his impact on foreign investors in Venezuela has been significant, as has been his impact on numerous other countries … Read more

NML Capital and Argentina: Ghanaian court rejects Argentina’s sovereign immunity challenge and NML Capital targets second vessel in South Africa

On 25 October, News agencies reported that a second Argentine navy vessel has been targeted by NML Capital, this time in South Africa. This followed the news on 11 October 2012, that the Ghanaian Commercial Court in Accra rejected a motion filed by the Argentinian government for the release of the ARA Libertad, an Argentine … Read more