WSJ – New York hedge fund Elliott Associates LP is challenging another sovereign in court. This time it’s Vietnam’s state-owned shipbuilder Vinashin.
Elliott is suing troubled Vinashin in the U.K. for defaulting on a US$600 million syndicated loan that originally had the Vietnamese government’s backing. After defaulting on the loan in December 2010, Vinashin offered repayment of 35 cents on the dollar to bondholders, according to a person familiar with the matter. Elliott is suing for nothing less than par value of its investment.
