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Civil Procedure Keyed to Field
Grupo Mexicano de Desarrollo v. Alliance Bond Fund
Citation:
527 U.S. 308 (1999)Facts
Grupo Mexicano de Desarrollo (GMD), a Mexican holding company, issued $250 million in unsecured notes in February 1994, with interest payments due in February and August of each year. Respondent investment funds purchased approximately $75 million of these notes. Between 1990 and 1994, GMD participated in a Mexican government-sponsored toll road construction program, but severe losses in the Mexican economy caused GMD’s financial difficulties. By mid-1997, GMD was in serious financial trouble, with debts totaling approximately $450 million and current liabilities exceeding current assets. GMD failed to make the August 1997 interest payment on the Notes. GMD attempted to restructure its debt, announcing plans to allocate Toll Road Notes (its most significant remaining asset) primarily to Mexican creditors and the Mexican government. After negotiations failed, respondents accelerated the principal amount and filed suit on December 12, 1997, seeking a preliminary injunction to prevent GMD from transferring the Toll Road Notes. The District Court found GMD was at risk of insolvency, that respondents would almost certainly succeed on the merits, and that without the injunction any judgment would be frustrated.
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