Eksportfinans Japanese bond investor demands ¥400 million, interest

By Caroline Salls

Pittsburgh, Dec. 13 - Eksportfinans said Silver Point Capital Fund LP and Silver Point Capital Offshore Master Fund LP filed a complaint in the Tokyo District Court demanding a ¥400 million partial payment plus 6% interest accruing from Dec. 13, 2011 on their ¥8.6 billion claim.

According to a company news release, Silver Point had previously threatened to declare default on the company's Japanese Samurai bonds.

Eksportfinans said Silver Point claims that the bonds became due and payable when a default notice was sent to Mizuho Corporate Bank on Dec. 12, 2011.

The company said there is no default, and it believes the complaint will not prevail. Eksportfinans said this opinion is supported by an analysis from external counsel.

In addition, the company said it believes the complaint does not constitute a cross default under its other financial obligations.

Eksportfinans is an Oslo-based financier for Norway's export industry.

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