Gramercy to file US$1.3bn claim against Peru over land bonds
By Davide Scigliuzzo
NEW YORK, Feb 2 (IFR) - Hedge fund Gramercy said Tuesday it will file a US$1.3bn international arbitration claim against Peru as part of a dispute with the sovereign over defaulted 40-year-old bonds.
The Connecticut-based fund accuses the sovereign of violating the US-Peru Trade Promotion Agreement.
Holders of the defaulted bonds, including Gramercy, claim a 2013 Peruvian court ruling on the method of payment short-changed them by several billion dollars and subordinates institutional investors in the payment structure. (Reporting by Davide Scigliuzzo; Editing by Marc Carnegie)
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