Litigation
Bondholder Claims
In the United States, there are nine suite currently pending against the Province for unpaid interest and matured principal, which total approximately U.S.$2.2 million in U.S. doUar-denominated bonds and approximately €337,000 in Euro-denominated bonds. Since November 1,2006, judgments have been entered against the Province in four suits for unpaid principal and interest on its bonds in default. The Province has four pending appeals in connection with the judgments that have been entered against it.
In Germany, since November 1,2006, three new individual lawsuits have been filed by bondholders against the Province. First, in October 2006, a bondholder filed a claim against the Province for €303,862.83. The Province has responded to this claim. In December 2006, two bondholders filed claims in the amounts of €20,000 and €2,860,000, respectively. The Province has until April 2007 to file responses on both claims. The total principal amount claimed in bondholder proceedings against the Province in Germany is now at €3,414,497, plus interest, as of the date of this offering memorandum.
In Switzerland, in November 2006, she Zurich District Court ruled that the Province was required to pay a sum of Sfr.440,000 plus interest and expenses in connection with the sole bondholder proceeding in that country against the Province. The Province decided not to appeal the judgment. The bondholder has not, as of the date of this offering memorandum, initiated proceedings to collect payment on the judgment.
Mit dem Gläubiger der PBA, der das Urteil aus Zürich erstritten hat, arbeite ich in der Zwangsvollstreckung zusammen.
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