ChevronTexaco Avoids Paying Congo Debt

Law360, New York (January 26, 2007, 12:00 AM EST) -- An appeals court has upheld a lower court’s decision that blocks a creditor from collecting millions of dollars on a debt from the Republic of Congo held by third parties ChevronTexaco Corp. and its U.S. subsidiaries.

The U.S. Court of Appeals for the Ninth Circuit agreed on Thursday with a California district court that dissolved and vacated liens filed against any of the Congo’s property held by ChevronTexaco, and that dismissed the actions for execution and the suit filed by creditor Af-Cap Inc.

Af-Cap went after...
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