December 17, 2017
Tuesday, January 6, 2015

Hedge fund denies lawsuit against Petrobras

A view is seen of the Petrobras headquarters in Rio de Janeiro.
A view is seen of the Petrobras headquarters in Rio de Janeiro.
A view is seen of the Petrobras headquarters in Rio de Janeiro.

Aurelius Capital Management, one of the main plaintiffs against Argentina in New York District Judge Thomas Griesa’s courtroom, has denied being part in a lawsuit filed against Brazilian state-owned oil company Petrobras, in response to accusations by Argentina’s Economy Minister Axel Kicillof.

“The lawsuit has been filed by the City of Providence (Rhode Island, US). Aurelius has nothing to do with it,” the president of Aurelius Mark Brodsky said in a statement.

Kicillof has referred to the lawsuit as a proof of the fund’s “simultaneous attack” against Argentina and Brazil, in an attempt to destabilize the region, in “a war without weapons with well-defined policy objectives."

Aurelius, the economy minister said, is trying to “accelerate” the bonds, forcing Petrobras to pay capital plus interests in advance to bondholders, forcing the company into default, a conflict which he sees as structurally similar to what Argentina is going through.

Brodsky said that the lawsuit filed in the US “is an extension of a criminal probe opened by the Brazilian government” and accused Kicillof of “doing no favours to Brazil and Petrobras by likening Petrobras’ difficulties with those of Argentina.” He pointed out that “unlike Argentina, Petrobras continues to honour its debts and does not flagrantly violate the orders of an US Court.”

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Tags:  Aurelius  Kicillof  vulture funds  Petrobras  Brazil  debt  Argentina  US  Providence  Rhode Island  

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