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A.I. CREDIT CORP. v. GOVERNMENT OF JAMAICA

No. 87 CIV 3442 (LBS).

666 F.Supp. 629 (1987)

A.I. CREDIT CORP., Plaintiff, v. The GOVERNMENT OF JAMAICA, Defendant.

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

August 20, 1987.

Attorney(s) appearing for the Case

Cahill Gordon & Reindel, Attorneys, New York City, David R. Hyde, George Wailand, Michael S. McSherry, of counsel, for plaintiff.

Cleary, Gottlieb, Steen & Hamilton, New York City, George Weisz, Nancy E. Schwarzkopf, of counsel, for defendant.

OPINION

SAND, District Judge.

As a result of a depressed national economy, the Government of Jamaica ("Jamaica") ceased paying principal on its foreign bank debt in mid-1983. This moratorium followed three reschedulings of the debt in 1978, 1979, and 1981, which were accomplished with the consent of Jamaica's affected creditors, including foreign banks and financial institutions. Jamaica entered into a fourth rescheduling agreement on June 27, 1984 (the...

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