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DEVELOP. BANK OF PHILIPPINES v. CHEMTEX FIBERS INC.

No. 85 Civ. 1146 (EW).

617 F.Supp. 55 (1985)

DEVELOPMENT BANK OF THE PHILIPPINES, Plaintiff, v. CHEMTEX FIBERS INC., Defendant.

United States District Court, S.D. New York.

September 11, 1985.

Attorney(s) appearing for the Case

Cichanowicz, Callan, Carcich & Keane New York City, for plaintiff; Michael J. Carcich Alfred F. Koller, New York City, of counsel.

Reboul, MacMurray, Hewitt, Maynard & Kristol, New York City, for defendant; Wayne A. Cross, Susan L. Arinaga, New York City, of counsel.

OPINION

EDWARD WEINFELD, District Judge.

Plaintiff, the Development Bank of the Philippines ("DBP"), was the guarantor of loans made by defendant Chemtex Fibers Inc. ("Chemtex") to American Philippine Fiber Industries Inc. ("APFI"). Chemtex, an American corporation incorporated in New York, is engaged in the business of rendering technical and engineering services, including the design of plants and machinery for the manufacture of synthetic fibers. APFI...

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