Guatemala Says Teco Can't Target NY Funds For $35M Award

Law360 (November 16, 2020, 8:03 PM EST) -- Guatemala has filed an emergency motion to nix a freezing order on nearly $16 million being held by Bank of New York Mellon as a Teco Energy subsidiary tries to enforce a $35 million arbitral award against the country, saying the order is putting it in danger of defaulting on its sovereign debt.

Guatemala argued in a Friday brief filed in New York federal court that the restraining notice improperly targets money that has already been set aside to make interest payments on the country's sovereign bonds, meaning that it's off-limits to Teco Guatemala Holdings LLC since it can no longer...

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