Photo: Wikimedia Commons
While the legal battle that prompted its seizure raged, the ARA Libertad still languishes in a Ghanaian harbor.However, there has been movement toward some kind of resolution, MercoPress reports. The Law of The Sea Tribunal hearings that will decide the frigate’s fate have been scheduled for November 29th and 30th in Hamburg, Germany.
In case you missed it, the boat was impounded on a Ghanaian Court order obtained by hedge fund manager Paul Singer. Argentina owes a subsidiary of his hedge fund, Elliot Management, a share of $1.3 billion of sovereign debt dating back to 2001.
Argentina has refused to pay Singer because he didn’t take two chances to restructure his debt in 2001 and 2005. A New York Court, however, has ruled that the country must pay these investors (that it calls “vulture funds”) in full by December 15th.
If not, Argentina could end up in technical default.
Meanwhile, the 40+ sailors aboard the ARA Libertad have gotten their water cut off for refusing to move the boat to a less crowded part of the port where they sit. They showed their guns when port authorities tried to move them by force.
In a release, Tribunal officials said they would like Argentina’s naval officers and Ghana’s authorities to refrain from such altercations as it rules on what will happen to the boat.
They also said that they will come to a decision on December 6th.
So we’ll see what happens then.
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