Glassmaker Targets Venezuelan Assets In $400M Award Fight

Law360 (July 26, 2019, 7:14 PM EDT) -- Glassmaker Owens-Illinois Inc. has urged a D.C. federal judge to let it seize Venezuelan assets as it looks to enforce a more than $400 million arbitral award it won after its factories were nationalized, saying the crisis-stricken nation is "functionally unable to honor debts."

Owens-Illinois subsidiary OI European Group BV, which won the award from an International Centre for Settlement of Investment Disputes tribunal in 2015 after Venezuela forcibly seized two glass container factories it had invested in, told U.S. District Judge Amy Berman Jackson in a Thursday brief that Venezuela is in "disarray" and that the only way the company...

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