Distressed Funds Try Mauritius Courts to Chase Indonesian Debts
Creditors Chase Indonesia Debt to Mauritius
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Holders of an Indonesian bank’s defaulted bonds have turned to a court on a tropical island 6,500 kilometers (4,039 miles) away to recoup the missed payments.
Two distressed debt funds owned by a Mauritius-registered firm operating in London and New York won a ruling on the island that ordered the new Japanese owner of PT Bank Mutiara to repay $112.5 million of bonds defaulted as far back as 2008. Tokyo-based J-Trust Co., which bought the bank last November, is facing claims totaling a third of the purchase price.