Och-Ziff, York Say Not Involved In Greek Debt Talks

Jan 20 2012 | 10:30am ET

Och-Ziff Capital Management and York Capital Management say they do not have significant investments in Greek sovereign debt and have not be involved in negotiations to restructure the country’s debt.

Reuters, citing sources closes to the talks, had reported the two were among five hedge funds holding a significant chunk of the $260 billion in Greek bonds held by creditors. On Friday, the agency published statements by both funds denying involvement in the talks or significant exposure to Greek debt.

"York's holdings in Greek Government bonds have never been of any material size, and York has never been involved in negotiations surrounding the exchange offer and has no intent to do so," York said in a statement.

Och-Ziff said in an emailed statement: "The Company and its funds do not have a material investment in Greek sovereign debt. The company and its funds have not been involved in any way in negotiations concerning the restructuring of this debt."

The Greeks want the funds to take an over-50% haircut on those holdings and Greek Prime Minister Lucas Papademos has threatened to force them to accept the losses by law if a deal cannot be reached. Without a deal, Greece could default on its debt as soon as March, with potentially catastrophic consequences for the global economy.

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