CREDITORS' LAWSUITS AGAINST PERU DISMISSED.NEW YORK--(BUSINESS WIRE)--Dec. 15, 1994--Lawsuits filed against Peru by creditor banks in 1990 have been dismissed simultaneously in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , London, Paris, Toronto and Luxembourg, opening the way for negotiations on the country's external debt and constituting a further step toward participation by creditors in the country's privatization privatization: see nationalization. privatization Transfer of government services or assets to the private sector. State-owned assets may be sold to private owners, or statutory restrictions on competition between privately and publicly owned program. The announcement was made today by Jorge Camet, Peru's Minister of Economy and Finance, and William R. Rhodes William R. "Bill" Rhodes is the Senior Vice Chairman of Citigroup Inc. and the Chairman of Citigroup and Citibank. He is also Chairman of the Board of both the Americas Society , Vice Chairman of Citibank, which chairs the Bank Advisory Committee for Peru. Minister Camet said, "Lifting the lawsuits will contribute to make all the commercial bank debt eligible for use in Peru's extensive privatization program." Mr. Rhodes said, "The dismissal of the lawsuits is a major step in Peru's program to regularize reg·u·lar·ize tr.v. reg·u·lar·ized, reg·u·lar·iz·ing, reg·u·lar·iz·es To make regular; cause to conform. reg its relationship with the international financial community." Mr. Camet and Mr. Rhodes also said that representatives of Peru are expected to meet with the eight-member bank committee in January to begin negotiations on an external-financing package. The legal proceedings All actions that are authorized or sanctioned by law and instituted in a court or a tribunal for the acquisition of rights or the enforcement of remedies. were brought against the Republic and various public-sector entities by commercial-bank creditors beginning in March 1990 in order to preclude the possibility that creditors' legal rights might have been affected by any statute of limitations A type of federal or state law that restricts the time within which legal proceedings may be brought. Statutes of limitations, which date back to early Roman Law, are a fundamental part of European and U.S. law. . The dismissal of the lawsuits today was in response to Peru's agreement, announced in November 1992, not to assert the statute of limitations as a defense during a six-year period ending in November 1998.
CONTACT: Richard Howe Phone: (212) 559-9425
Mark Rodgers (212) 559-1719
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