Three-Year Package for Mexico’s Debt
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NEW YORK — The bank committee evaluating Mexico’s massive foreign debt said Wednesday that it has agreed on a three-year plan to finance $48 billion in commercial bank debt and will send the pact to 450 creditor banks for their expected approval.
Signing of the agreement was expected in early February, said the announcement by Mexican Finance Ministry undersecretary Angel Gurria and William Rhodes, co-chairmen of the 15-member bank committee for Mexico.
Gurria and Rhodes said virtually all of Mexico’s 450 bank creditors worldwide have committed to the package for 1989-92.
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