Arbitral Digest

Matter

Park Avenue Capital LLC v. Republic of Moldova (ICSID Case No. ARB/25/25)

Case no.
ARB/25/25
Applicable rules
ICSID Arbitration Rules in force as of July 1, 2022
  1. 25 November 2025Arbitration

    25 November 2025Arbitration

    Procedural Order No. 1

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal fixed the procedural rules and timetable governing the arbitration, including the place of proceeding, procedural language, representation, document production, hearings, and related case-management arrangements.

    Supporting details

    6 participants
    Park Avenue Capital LLC
    Republic of Moldova
    International Centre for Settlement of Investment Disputes
    Arbitrator
    Stephan Schill
    Tribunal secretary
    Izabela Chabinska
  2. 25 November 2025Arbitration

    25 November 2025Arbitration

    Procedural Order No. 2 on Transparency and Confidentiality

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal adopted transparency and confidentiality rules for the proceeding, including rules for publication, redactions, written submissions, supporting documents, hearings, and personal data.

    Supporting details

    6 participants
    Park Avenue Capital LLC
    Republic of Moldova
    International Centre for Settlement of Investment Disputes
    Arbitrator
    Stephan Schill
    Tribunal secretary
    Izabela Chabinska

    2 months and 19 days later · 80 days

  3. 13 February 2026Arbitration

    13 February 2026Arbitration

    Procedural Order No. 3

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal ordered the Parties to keep the written submissions and supporting documents confidential, subject to the existing transparency regime and the procedural calendar.

    Supporting details

    6 participants
    Park Avenue Capital LLC
    Republic of Moldova
    International Centre for Settlement of Investment Disputes
    Arbitrator
    Stephan Schill
    Tribunal secretary
    Izabela Chabinska

    3 months and 2 days later · 91 days

  4. 15 May 2026Arbitration

    15 May 2026Arbitration

    Procedural Order No. 4 on Bifurcation

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal denied the Respondent's Request for Bifurcation. It concluded that the first to eighth jurisdictional objections involved factual issues intertwined with the merits, that the ninth objection was insufficiently substantiated for bifurcation, and that bifurcation was unlikely to save time and cost.

    Supporting details

    7 participants
    Park Avenue Capital LLC
    Republic of Moldova
    International Centre for Settlement of Investment Disputes
    Arbitrator
    Stephan Schill
    Tribunal secretary
    Izabela Chabinska
    Other

    1 month and 16 days later · 47 days

  5. 1 July 2026Arbitration

    1 July 2026Arbitration

    Procedural Order No. 5 on the Application by the United States of America Regarding a Non-Disputing Treaty Party Submission

    International Centre for Settlement of Investment Disputes

    Decision summary
    Subject to confidentiality, data privacy, and cybersecurity undertakings, the Tribunal ordered that the United States be provided specified case documents and permitted it to file a submission on treaty interpretation by 23 October 2026, without disrupting the proceeding or unduly burdening either Party.

    Supporting details

    6 participants
    Park Avenue Capital LLC
    Republic of Moldova
    International Centre for Settlement of Investment Disputes
    Arbitrator
    Stephan Schill
    Tribunal secretary
    Izabela Chabinska

    14 days later · 14 days

  6. 15 July 2026Arbitration

    15 July 2026Arbitration

    Procedural Order No. 6 on the Respondent's Application for an Extension of Time

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal granted a four-week extension for preparation and filing of the Respondent's Counter-Memorial on the Merits and Memorial on Jurisdiction and a corresponding four-week extension for the Claimant's Reply on the Merits and Counter-Memorial on Jurisdiction. It ordered the remaining procedural dates to be adjusted accordingly.

    Supporting details

    6 participants
    Park Avenue Capital LLC
    Republic of Moldova
    International Centre for Settlement of Investment Disputes
    Arbitrator
    Stephan Schill
    Tribunal secretary
    Izabela Chabinska

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Park Avenue Capital LLC v. Republic of Moldova (ICSID Case No. ARB/25/25) · Matter