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Bondholders in Ghana Detain Argentine Naval Ship

By The Maritime Executive 10-03-2012 03:32:19

Ghana has seized the Argentine warship, Libertad, after a court order was issued, officials stated Wednesday. Creditors are suing Argentina in international courts over its 2002 debt default.

Argentina announced a world-record sovereign default during an economic breakdown a decade ago. The country faces several lawsuits in U.S. courts by bondholders who hope to recover the full value of the defaulted bonds, as well as freeze state assets.

According to the direct general of Ghana’s ports, the owner of the ship would have to pay or appear in court to defend their case.

The Libertad was visiting Ghana as part of a West African tour. It is due to head to Angola next.