Silver Point Default Allegation Fails

Mar 28 2014 | 9:02am ET

A Japanese court has rejected Silver Point Capital's claim that Norway's Eksportfinans has defaulted on its Japanese bonds.

The state-backed export bank said in a statement after the decision that the Tokyo District Court junked the claim "on the basis that the plaintiffs' allegations regarding events of default are groundless." Eksportfinans added that the hedge fund would have to pay its costs.

The judge did not offer a reason for the decision.

Silver Point has two weeks to appeal the ruling.

Eksportfinans is being wound down and replaced with a new export financing program. The company has said it will cease operations as soon as it settles its debts.

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