A hedge fund had Argentina's navy training ship held in Ghana for 11 weeks over defaulted bonds

Argentina defaulted on its foreign bonds in 2001. About 50,000 Italian individuals who held its bonds were organised by Task Force Argentina and took their claims to ICSID arbitration in 2007. NML Capital, a fund of Paul Singer's Elliott Management, led the holdouts' lawsuits in Judge Griesa's court. On 2 October 2012 a High Court in Accra ordered the frigate ARA Libertad, the Argentine navy's training ship, held at the port of Tema in Ghana. NML said Argentina owed it $300 million on the bonds. Forty-four sailors stayed on board. Argentina argued that warships are immune from civil claims in foreign ports. On 15 December 2012 the International Tribunal for the Law of the Sea in Hamburg unanimously ordered Ghana to release the ship. It sailed for Argentina on 19 December. In February 2016 Argentina agreed to pay the Italian holders $1.35 billion for bonds with a face value of $900 million. On 29 February 2016 it reached an agreement in principle to pay about $4.65 billion to NML and three other funds, about 75 percent of their judgments including interest. That deal covered about 85 percent of the roughly $9 billion of claims before the mediator, Daniel Pollack. La Nación reported that the remaining 15 percent, mostly "me too" funds and retail holders, was unresolved.