Vultures in Congo

Energy companies have long accepted a degree of country risk when investing in developing nations. But oil and gas companies now face a new threat to their international investments - and its origins lie closer to home. Andrew Derman, Andrew Melsheimer and William Katz explain

Several lawsuits pending in the US could have a significant impact on international oil and gas companies that operate in countries with unpaid foreign debt. Over 70 countries have defaulted on sovereign debt during the past decade, many of which are rich in natural resources. But unless a pressing legal issue is resolved, any oil and gas company could find itself at a disadvantage when seeking business in such countries.

Distressed debt funds, also known as 'vulture funds', have filed lawsuits

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