Land Bondholders Take Action Against Peru to Recover Debt
A land bondholder, Gramercy Funds Management LLC, a US billion dollar investment fund, recently filed a US $1.6 billion arbitration claim against the Republic of Peru for violations of the U.S.-Peru Trade Promotion Agreement for failing to pay its defaulted bonds. Many Peruvians are also impacted by the Country's failure to pay. For several years, Gramercy's attempts to negotiate with the Peruvian government to find a solution for the Land Bond debt failed. The situation in Peru comes on the heels of the decade long litigation brought by bondholders against Argentina and the defaults impacting bondholders in Puerto Rico. Andersen Sleater represents Argentina's bondholders and is investigating similar sovereign debt situations. Click here to read more.