Hedge fund Elliott Advisers LP dropped a U.K. lawsuit against Vietnam’s biggest shipbuilder, lawyers for the state-owned Vietnam Shipbuilding Industry Group said.
The company, known as Vinashin, and its advisers “were informed by Elliott’s lawyers, that Elliott wanted to discontinue the court action,” Mayer Brown LLP, Vinashin’s lawyers, said today in an e-mail. “No reason was offered by Elliott to Vinashin for the discontinuance.”
Elliott was suing for the face value on the investment, which totaled $13.2 million with unpaid interest and default interest. Vinashin defaulted on the first payment of a $600 million loan in December 2010. It racked up debts of over $4.4 billion.
Eight former Vinashin executives, including the ex-chief executive officer, were sentenced to prison terms of as much as 20 years at the end of March.
A spokeswoman for Elliott’s lawyers at Bingham McCutchen LLP in London declined to comment.
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