http://www.businessweek.com/news/2012-10-19/nml-asks-argentina-for-20-million-to-free-ship-nacion-reports

Bloomberg News

NML Asks Argentina for $20 Million to Free Ship, Nacion Reports

October 19, 2012

NML Capital Ltd. is demanding that Argentina pay $20 million for the release of a naval ship detained at its request in a port in Ghana, newspaper La Nacion reported.

The amount represents less than 5 percent of the claim that NML is demanding Argentina for its investments in the country’s defaulted bonds, the Buenos Aires-based newspaper said, citing a letter from NML’s lawyers.

The investment group also offered Argentina to pay for the crew to return home, La Nacion said.

NML and other holders of bonds that weren’t swapped in two restructurings of the $95 billion of debt on which Argentina defaulted in late 2001, are seeking to recover the full value of the securities. About 94 percent of the defaulted bonds were restructured in 2005 and 2010, giving creditors about 30 cents on the dollar.

To contact the reporter on this story: Eliana Raszewski in Buenos Aires at eraszewski@bloomberg.net

To contact the editor responsible for this story: Joshua Goodman at jgoodman19@bloomberg.net.


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