US companies upbeat on possible return to Libya

US companies with languishing interests in Libya said late last month that they are growing increasingly hopeful that international and US sanctions against the North African nation will be lifted as soon as first quarter 2003.Driving that optimism is a proposed $2.7 billion settlement detailed May 28 by attorneys who represent families of the victims of the 1988 PanAm Flight 103 bombing.Attorneys for some of those families said Libya has agreed to pay $10 million/victim minus lawyer fees provided sanctions are removed. Under the payment terms, the money would be kept in escrow until the political conditions were met: 40% of the money would be released when United Nations sanctions are li...

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