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Banking Law Keyed to Malloy, 4th Ed.
A.I. Credit Corp. v. Government of Jamaica
Citation:
666 F. Supp. 629 (1987)Facts
The Government of Jamaica ceased paying principal on its foreign bank debt in mid-1983 due to economic difficulties. After three prior debt reschedulings, Jamaica entered into a fourth rescheduling agreement in June 1984 with 113 banks and financial institutions. In August 1984, Continental Illinois assigned 90% of its rescheduled debt (approximately $10 million) to AICCO. The 1984 Agreement scheduled repayment in 17 quarterly installments beginning March 15, 1986. By early 1985, Jamaica realized it could not meet this schedule and negotiated fifth and sixth rescheduling agreements in 1985 and 1987. While most creditors consented to these new agreements, AICCO refused. The 1984 Agreement contained provisions stating that each bank’s debt was “separate and independent” and that individual banks could enforce their rights without joining other creditors. It also contained sharing provisions requiring any bank receiving disproportionate payment to share ratably with other creditors.
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