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Elliott Associates Is Suing Vietnam-based Vinashin

New York-based hedge fund Elliott Associates is suing a Vietnam company Vinashin to court in the U.K.

Paul Singer ELLIOTT MANAGEMENT

Vinashin is a Vietnam state-owned shipbuilder. The company defaulted in December 2010 on a $600 million syndicated loan which was backed by the Vietnamese government. Vinashin’s CEO and other top managers were also arrested for mishandling its finance. After the default, Vinashin offered to pay bondholders 35 cents for every dollar, while Elliott is suing for the full face value.

In 2000, Elliott won in a legal battle against Peru in a restructuring of defaulted commercial loan case. Elliott is still fighting with Argentina for another default case.

Elliott is a full-service firm that now provides Asset Management, Investment Sales, and other kind of financial services. The hedge fund is managed under Paul Singer.

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