Intercreditor Distribution In Sovereign Debt Restructuring

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Intercreditor Distribution In Sovereign Debt Restructuring

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Author : Ousmène Mandeng
language : en
Publisher:
Release Date : 2004

Intercreditor Distribution In Sovereign Debt Restructuring written by Ousmène Mandeng and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Debts, Public categories.

Intercreditor Distribution In Sovereign Debt Restructuring

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Author : Mr.Ousmene Mandeng
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2004-09-01

Intercreditor Distribution In Sovereign Debt Restructuring written by Mr.Ousmene Mandeng and has been published by INTERNATIONAL MONETARY FUND this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-09-01 with Business & Economics categories.

Intercreditor equity represents one of the main objectives of bankruptcy proceedings. Yet, recent restructurings of sovereign debt suggest that violation of intercreditor equity is common. While existing contractual provisions, and guidelines issued by creditor committees, establish fundamental principles about creditor treatment, they seem to remain too vague to guide debt restructuring processes effectively. The paper focuses on distribution, and argues that lack of clear guidelines for distribution may complicate and delay the resolution process and induce undue uncertainty about the predictability and viability of the restructuring outcome. The paper discusses and proposes parameters which may contribute to establishing explicit principles for the assessment of intercreditor equity in distribution.

Intercreditor Equity In Sovereign Debt Restructuring

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Author : Astrid Iversen
language : en
Publisher: Oxford University Press
Release Date : 2023-03-07

Intercreditor Equity In Sovereign Debt Restructuring written by Astrid Iversen and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-03-07 with Law categories.

The question of intercreditor equity is one of the most contentious issues in debt restructuring, both historically and today. Intercreditor Equity in Sovereign Debt Restructuring maps and establishes the content of these intercreditor equity rules, and analyses how they influence the restructuring process. Through this analysis, Astrid Iversen outlines how creditors can predict their legal rights in the unfortunate event of a debt restructuring and strives to improve our understanding of the boundaries within which a debt restructuring offer must be designed. Iversen also seeks to shed light on the functioning of the legal framework governing sovereign debt more broadly. In this book, she examines whether intercreditor equity rules and the legal framework of sovereign debt are compatible with a debtor state's responsibility to ensure monetary and financial stability and to establish sustainable debt burdens. Iversen also explores how certain intercreditor equity rules constitute an obstacle to sustainable debt restructurings and highlights how the number of different intercreditor equity rules that a sovereign debtor state typically is bound by, as well as the scope of these rules, risk tightening the policy space of debtor states to the extent that it is difficult to design and implement a sustainable debt restructuring. Suitable as an introductory text for readers new to the topic of sovereign debt restructurings, and as an instructive guide for debt management offices, creditors, and their lawyers, this publication provides a comprehensive legal study of intercreditor equity rules in sovereign debt restructuring.

A New Approach To Sovereign Debt Restructuring

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Author : Anne O. Krueger
language : en
Publisher: International Monetary Fund
Release Date : 2002-04-16

A New Approach To Sovereign Debt Restructuring written by Anne O. Krueger and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-04-16 with Business & Economics categories.

In recent years there has been extensive discussion inside and outside the IMF on the need to develop a new approach to sovereign debt restructuring. Exploring ways to improve the sovereign debt restructuring process is a key part of the international community’s efforts to strengthen the architecture of the global financial system. This pamphlet by IMF First Deputy Managing Director Anne O.Krueger draws together the latest IMF thinking on the controversial issue in a single publication.

Playing Sovereign Debt Creditors Orchestra

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Author : Yanying Li
language : en
Publisher:
Release Date : 2013

Playing Sovereign Debt Creditors Orchestra written by Yanying Li and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.

Lack of support for the Sovereign Debt Restructuring Mechanism (SDRM) discussion at the IMF a decade ago has encouraged several debt NGOs to actively advance proposals for sovereign debt arbitration - a bankruptcy-type arbitral tribunal to handle sovereign debt disputes in a collective manner. In response to these proposals, the Government of the Netherlands and the Permanent Court of Arbitration recently initiated a project to investigate the desirability and feasibility of sovereign debt arbitration. The interim project report flags, among other issues, the absence of agreed principles that would be applied by the arbitral tribunal. This paper wishes to contribute to the discussion surrounding such principles by addressing inter-creditor issues in sovereign debt restructuring. It begins with an explanation of inter-creditor issues at the time of crisis, and the urgent need for better creditor coordination looking at the Argentine bondholders' recent success in the Abaclat and NML Capital cases. It draws from the experience of domestic bankruptcy law to explore the best solution for resolving inter-creditor issues in the sovereign debt context. Importantly, this paper challenges the fundamental theory of collectivity in bankruptcy law, arguing that the approach used in most domestic bankruptcy systems to address inter-creditor issues -- the inclusion of all claims in a collective proceeding that ensures equitable treatment among all creditors - should be applied differently in the sovereign debt world due to the difference of the debtor being a State.

Structuring And Restructuring Sovereign Debt

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Author : Mr.Patrick Bolton
language : en
Publisher: International Monetary Fund
Release Date : 2007-08-01

Structuring And Restructuring Sovereign Debt written by Mr.Patrick Bolton and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-08-01 with Business & Economics categories.

In an environment characterized by weak contractual enforcement, sovereign lenders can enhance the likelihood of repayment by making their claims more difficult to restructure ex post. We show however, that competition for repayment among lenders may result in a sovereign debt that is excessively difficult to restructure in equilibrium. This inefficiency may be alleviated by a suitably designed bankruptcy regime that facilitates debt restructuring.

Proposed Features Of A Sovereign Debt Restructuring Mechanism

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Author : International Monetary Fund. Legal Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2003-12-02

Proposed Features Of A Sovereign Debt Restructuring Mechanism written by International Monetary Fund. Legal Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-12-02 with Business & Economics categories.

This paper follows up on the Executive Board’s December 2002 discussion of the design of the Sovereign Debt Restructuring Mechanism and seeks to make further progress on the formulation of a concrete proposal for a statutory sovereign debt restructuring mechanism.

Identifying And Resolving Inter Creditor And Debtor Creditor Equity Issues In Sovereign Debt Restructuring

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Author :
language : en
Publisher:
Release Date : 2015

Identifying And Resolving Inter Creditor And Debtor Creditor Equity Issues In Sovereign Debt Restructuring written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.

These include: tighter regulation of sovereign credit default swap (SCDS) contracts; the provision of a greater role for debt reprofiling and bondholder aggregation; Domenico Lombardi is director of the development of common rules and norms for valuing public and private concessions CIGI's Global Economy program, overseeing the research direction of in sovereign debt restructurings; and the establ [...] The purpose, here, is not to analyze the strengths and weaknesses of various approaches or endorse one over another, but rather to focus on a few of the effects of incomplete contracts and the absence of a more comprehensive sovereign bankruptcy regime in terms of inter-creditor and debtor-creditor equity and the related issues of efficiency in sovereign debt restructuring. [...] CIGI was founded in 2001 by Jim Balsillie, then co-CEO of Research In Motion (BlackBerry), and collaborates with and gratefully acknowledges support from a number of strategic partners, in particular the Government of Canada and the Government of Ontario. [...] The Environmental Risk Disclosure Regime: Reforming the Global Architecture of Financial Navigating Complexity in Global Financial Regulation: The G20, the IMF and the FSB Markets CIGI Papers No. [...] ORG/BOOKSTORE Off Balance: The Travails Crisis and Reform: Canada of Institutions That Govern and the International the Global Financial System Financial System Paul Blustein Edited by Rohinton Medhora Paperback: $28.00; and Dane Rowlands eBook: $14.00 Paperback: $32.00; The latest book from eBook: $16.00 award-winning journalist The 28th edition of the and author Paul Blustein Canada Among Nation.

Identifying And Resolving Inter Creditor And Debtor Creditor Equity Issues In Sovereign Debt Restructuring

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Author : Skylar Brooks
language : en
Publisher:
Release Date : 2015

Identifying And Resolving Inter Creditor And Debtor Creditor Equity Issues In Sovereign Debt Restructuring written by Skylar Brooks and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with Debts, Public categories.

Sovereign Debt Restructurings 1950 2010

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Author : Mr.Udaibir S. Das
language : en
Publisher: International Monetary Fund
Release Date : 2012-08-01

Sovereign Debt Restructurings 1950 2010 written by Mr.Udaibir S. Das and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-08-01 with Business & Economics categories.

This paper provides a comprehensive survey of pertinent issues on sovereign debt restructurings, based on a newly constructed database. This is the first complete dataset of sovereign restructuring cases, covering the six decades from 1950–2010; it includes 186 debt exchanges with foreign banks and bondholders, and 447 bilateral debt agreements with the Paris Club. We present new stylized facts on the outcome and process of debt restructurings, including on the size of haircuts, creditor participation, and legal aspects. In addition, the paper summarizes the relevant empirical literature, analyzes recent restructuring episodes, and discusses ongoing debates on crisis resolution mechanisms, credit default swaps, and the role of collective action clauses.