Intercreditor Equity In Sovereign Debt Restructurings
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Intercreditor Equity In Sovereign Debt Restructurings
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Author : Astrid Iversen
language : en
Publisher: Oxford University Press
Release Date : 2023-02-23
Intercreditor Equity In Sovereign Debt Restructurings 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 2023-02-23 with 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 examines how they influence the restructuring process.
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.
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.
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.
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.
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.
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.
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
The Imf S Role In Sovereign Debt Restructurings
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Author :
language : en
Publisher:
Release Date : 2021
The Imf S Role In Sovereign Debt Restructurings written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with categories.
The global recession caused by the COVID-19 pandemic and the resulting deterioration in many countries' public finances have increased the risk of sovereign debt crises. Although crisis prevention remains paramount, these developments have made it imperative to re-examine the adequacy of the current toolkit for crisis management and resolution, in a context where changes in the creditor base and in the composition of public debt instruments have brought about new challenges in terms of reduced transparency and additional barriers to achieving inter-creditor equity. This report focuses on the international architecture for sovereign debt restructurings (SODRs), as seen through the lenses of the International Monetary Fund (IMF or "the Fund") and with a special attention to the role that the Fund can play in facilitating orderly restructuring processes. It provides a set of findings and recommendations in relation to certain key elements of the Fund's lending framework that have important ramifications on SODR processes, namely debt sustainability assessments (DSAs), the exceptional access policy (EAP) for financing above normal access limits, and the criteria for lending to countries with payments arrears to private creditors (LIA) or official bilateral creditors (LIOA). It also considers other indirect channels through which the Fund can affect SODRs, including its support for enhancing the transparency and public disclosure of sovereign debt information, its collaboration with the Paris Club and the G20 debt-related initiatives, the promotion of contractual standards for sovereign debt, and the monitoring of relevant legislative developments.