Intercreditor Equity In Sovereign Debt Restructuring

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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.

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 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.

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.

Inter Creditor Equity In Sovereign Debt Restructuring

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Author :
language : en
Publisher:
Release Date : 2015

Inter Creditor Equity 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.

Sovereign Debt Restructuring Recent Developments And Implications For The Fund S Legal And Policy Framework

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Author : International Monetary Fund. Asia and Pacific Dept
language : en
Publisher: International Monetary Fund
Release Date : 2013-04-26

Sovereign Debt Restructuring Recent Developments And Implications For The Fund S Legal And Policy Framework written by International Monetary Fund. Asia and Pacific 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 2013-04-26 with Business & Economics categories.

his paper reviews the recent application of the Fund’s policies and practices on sovereign debt restructuring. Specifically, the paper: • recaps in a holistic manner the various policies and practices that underpin the Fund's legal and policy framework for sovereign debt restructuring, including on debt sustainability, market access, financing assurances, arrears, private sector involvement (PSI), official sector involvement (OSI), and the use of legal instruments; • reviews how this framework has been applied in the context of Fund-supported programs and highlights the issues that have emerged in light of recent experience with debt restructuring; and • describes recent initiatives in various fora aimed at promoting orderly sovereign debt restructuring, highlighting differences with the Fund’s existing framework. Based on this stocktaking, the paper identifies issues that could be considered in further depth in follow-up work by staff to assess whether the Fund’s framework for debt restructuring should be adapted: • first, debt restructurings have often been too little and too late, thus failing to re-establish debt sustainability and market access in a durable way. Overcoming these problems likely requires action on several fronts, including (i) increased rigor and transparency of debt sustainability and market access assessments, (ii) exploring ways to prevent the use of Fund resources to simply bail out private creditors, and (iii) measures to alleviate the costs associated with restructurings; • second, while creditor participation has been adequate in recent restructurings, the current contractual, market-based approach to debt restructuring is becoming less potent in overcoming collective action problems, especially in pre-default cases. In response, consideration could be given to making the contractual framework more effective, including through the introduction of more robust aggregation clauses into international sovereign bonds bearing in mind the inter-creditor equity issues that such an approach may raise. The Fund may also consider ways to condition use of its financing more tightly to the resolution of collective action problems; • third, the growing role and changing composition of official lending call for a clearer framework for official sector involvement, especially with regard to non-Paris Club creditors, for which the modality for securing program financing commitments could be tightened; and • fourth, although the collaborative, good-faith approach to resolving external private arrears embedded in the lending into arrears (LIA) policy remains the most promising way to regain market access post-default, a review of the effectiveness of the LIA policy is in order in light of recent experience and the increased complexity of the creditor base. Consideration could also be given to extending the LIA policy to official arrears.

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.

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.

Staff Guidance Note On Information Sharing In The Context Of Sovereign Debt Restructurings

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Author : International Monetary Fund. Legal Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2023-06-23

Staff Guidance Note On Information Sharing In The Context Of Sovereign Debt Restructurings 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 2023-06-23 with Business & Economics categories.

The guidance note sets out principles governing information sharing in the context of sovereign debt restructurings. It restates the existing Fund governance and policy guidelines for information sharing to help inform and harmonize practices across Fund country teams. In addition to outlining guiding principles applicable to information sharing, it provides guidance on what level of information can be shared during each stage of the restructuring and program design process and in the surveillance context