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Ecuador Political News

U.S. Judge Lets Ecuador $17.4 Billion Debt-Swap Deal Proceed- Bloomberg

A federal judge in New York denied a request by two U.S. investment firms for a temporary restraining order blocking Ecuador’s plan to restructure $17.4 billion in sovereign debt.

Ecuador had argued that a significant delay could lead to a “massive, cascading default” for the South American nation. U.S. District Judge Valerie Caproni in Manhattan on Friday denied the motion by two U.S. investment firms opposed to the debt-swap plan. Boston-based GMO, and Contrarian Capital Management LLC, a Greenwich, Connecticut hedge fund had called its offer to investors of 91 cents on the dollar “coercive in the extreme.”

Caproni disagreed with the funds’ contention that Ecuador lied when it denied, in a press release, that its offer to investors was “coercive.” The judge said, “no one is being compelled or forced to comply with the tender offer.”

To read the full article on Bloomberg, click here.



#Factsmatter: An international arbitration panel found ‘no cogent evidence’ supporting #Ecuador’s claim that #Texaco failed to comply with terms of remediation in #Amazon.
The @WSJ sums this case up nicely, “[Steven Donziger] and his team fabricated evidence, promised $500,000 to an #Ecuadorean judge to rule in their favor, ghostwrote much of the final verdict and took other actions that ‘perverted’ the course of #justice. Mr. Donziger disputes the…
Shameless. Disbarred and convicted of criminal contempt of court for bribing an Ecuadorian judge in an attempted extortion scheme, @SDonziger is nonetheless accepting invitations to speak at #climate rallies. Read more about this adjudicated racketeer:
Sworn testimony: While Texaco met its environmental obligations in the Amazon, #Ecuador’s national oil company did “absolutely nothing” to address its own remediation in the area. #FactsMatter:
DENIED: @SCOTUS rejects hearing case of Steven Donziger, who bribed Ecuadorian judge in failed effort to bilk Chevron for billions of dollars.

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