US Court Backs Enforcing Arbitration Award Against Spain in Renewables Saga [Yahoo! Finance]
JGC HOLDINGS CP UNSP/ADR (JGCCY)
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Source: Yahoo! Finance
Most Read from Bloomberg With the ruling filed Thursday, the claimants will be able to initiate proceedings for the recovery of pending payments through the seizure of Spanish commercial assets in the US and issue subpoenas against Spanish officials, Blasket Renewable Investments LLC — which bought the claims in a case first linked to Japan's JGC Corp. — said in a release Friday. Spain has been defending itself in courts since 2012 in legal tussles linked to how the country shifted the goalposts for investors drawn by a 2007 pledge to fund renewable energy projects. The country's former People's Party government after 2011 withdrew attractive terms to rein in a fiscal deficit. Spain hasn't paid amounts it owed for lost arbitration awards, leading some creditors to asked for the seizure or freezing of Spanish commercial assets or government-owned companies. The ruling by the US court “doesn't imply that it has the ability to enforce it and seize Spanish assets,” a spokesman fo
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