For several years, Gramercy has attempted to engage in negotiations with the Peruvian government to find a solution for the Land Bond debt. The government has consistently declined to enter into serious discussions on this matter, leading Gramercy to file the arbitration. Robert S. Koenigsberger, Founder, Chief Investment Officer and the Managing Partner of Gramercy, states in his Witness Statement:
"Throughout my career, I have sought win-win solutions, not litigious ones. Having witnessed and even participated in earlier Peruvian initiatives to resolve challenging debt situations, and having admired Peru's economic success, I had hoped and expected that reason would ultimately prevail and that the Land Bond debt would be restructured through consensual negotiations. I still consider that to be the vastly superior alternative for everyone involved. Yet Peru's stonewalling and steadfast refusal to have any substantive discussions has left Gramercy no choice but to commence and vigorously pursue this arbitration and enforce its rights under the Treaty."
Gramercy remains open to an amicable resolution of the dispute that would benefit all parties, but is fully prepared to enforce its legal rights.
Link to Claim:
Link to Witness Statement of Robert Koenigsberger:
Gramercy is a US $6.3 billion dedicated emerging markets investment manager based in Greenwich, CT with offices in London, Hong Kong, Singapore and Mexico City, and a presence in Lima and Buenos Aires. The firm, founded in 1998, seeks to provide investors with superior risk-adjusted returns through a comprehensive approach to emerging markets, supported by a transparent and robust institutional platform. Gramercy offers both alternative and long-only strategies across all emerging markets asset classes including USD debt, local currency debt, high yield corporate debt, distressed debt, equity, private equity and special situations. www.gramercy.com
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SOURCE Gramercy Funds Management LLC