Rodrigo Olivares-Caminal, Alan Kornberg, Sarah Paterson et al. · London School of Economics and Political Science Research Online (London School of Economics and Political Science) · 2016
The new second edition of Debt Restructuring provides detailed legal analysis of international corporate, banking, and sovereign debt restructuring, from the perspective of both creditors and debtors. It sets out practical guidance to help practitioners, policy-makers and academics to understand current developments in debt restructuring, and provides solutions for creditors holding distressed debt and debtor options in a distressed scenario. The Corporate Debt section includes a number of very significant changes such as the UK Supreme Court decision in Eurosail and the disapproval of the "point of no return" test for balance sheet insolvency or the endorsement of the Cheyne Finance decision on cashflow. The changes in treatment of schemes of arrangement since with the decision in Rodenstock are reflected as are the Recast European Insolvency Regulation (EIR) and the Supreme Court decision in Rubin. In the US chapter the new edition considers the limitations on bankruptcy court jurisdiction in Stern v. Marshall and, in the RadLax case, the right of secured creditors to credit bid in a sale of their collateral under a chapter 11 plan. Other significant case law includes consideration of the various safe harbour provisions of the Bankruptcy Code relating to derivative and other financial instruments and cases concerning the effect of foreign court orders in the US...
Cited by 0
Benjamin M. Friedman · National Bureau of Economic Research · 2000
What difference does it make, and for whom, whether the nonperforming debts of emerging market borrowers are restructured? This paper begins by positing a set of counterfactual conditions under which restructuring would matter, and then shows how several ways in which the actual world of international lending departs from these conditions give both lenders and borrowers ample reason to care whether nonperforming debts are restructured. One implication of the way in which debt restructuring matters is that restructuring should not be "too" easy. Further, with a greater frequency of defaults, some credit flows to emerging market countries would not be extended in the first place. An important element driving this line of argument is moral hazard, but (unlike in much of the recent literature of emerging market debt problems) what is central here is not the availability of credit from the ilvIF or other official lenders but the more fundamental moral hazard inherent in all uncollateralized borrower-lender relationships.
Cited by 3Open access
Edwin O. Fischer, Ines Wöckl · Zeitschrift für das gesamte Bank- und Börsenwesen · 2019
For ten years interest rates in the Eurozone have been declining. This has created a situation where loan or bond prepayments and subsequent refinancing transactions are potentially beneficial for debtors. The advantageousness depends on the costs induced. We analyze the favorability of debt restructuring using the method of differential investment and provide critical limits for the nominal interest rate of the new loan up to which prepayment is optimal. The calculations address both fixed and variable rate loans and consider whether the debt agreement is repaid at maturity or in annuities.
Cited by 0
Olivares-Caminal, Rodrigo, Kornberg, Alan, Paterson, Sarah et al. · Warwick Research Archive Portal (University of Warwick) · 2016
Cited by 0
Benjamin M. Friedman · RePEc: Research Papers in Economics
What difference does it make, and for whom, whether the nonperforming debts of emerging market borrowers are restructured? This paper begins by positing a set of counterfactual conditions under which restructuring would not matter, and then shows how several ways in which the actual world of international lending departs from these conditions give both lenders and borrowers ample reason to care whether nonperforming debts are restructured. One implication of the way in which debt restructuring matters is that restructuring should not be too' easy. Further, with a greater frequency of defaults, some credit flows to emerging market countries would not be extended in the first place. An important element driving this line of argument is moral hazard, but (unlike in much of the recent literature of emerging market debt problems) what is central here is not the availability of credit from the IMF or other official lenders but the more fundamental moral hazard inherent in all uncollateralized borrower-lender relationships.
Cited by 0
Olivares-Caminal, Rodrigo, Douglas, John, Guynn, Randall et al. · London School of Economics and Political Science Research Online (London School of Economics and Political Science) · 2011
- The only work to consider bank, corporate and sovereign restructuring in one volume. - Considers the position under English and New York law with reference to EU regulation, the UNCITRAL model law and other jurisdictions where relevant to illustrate points discussed. - Provides a toolkit of practical options to consider for advisers of both creditor and debtor. - Extremely topical work as it discusses the effects of the credit crisis and resulting regulation. - Experienced author team draw on their experience of cases to provide real insight into law and practice in this area. Debt Restructuring provides a legal analysis of international corporate, banking and sovereign debt restructuring from both the creditors' and debtors' perspective. It provides a practical guide for creditors holding distressed debt, debtor options in a distressed scenario and the necessary steps for the parties to achieve their goals. Written by an expert author team of leading practitioners and academics, the legal analysis is supported by case studies and draft clauses. This topical work is divided into three parts: corporate debt restructuring; bank resolution; and sovereign debt restructuring. Aimed at lawyers working in international finance, banking, insolvency or financial services regulation, as well as regulatory agencies, central banks, banking supervisors, accountants and investment banks, Debt Restructuring can be used as a tool for international practitioners policy makers and academics to understand the current trends in debt restructuring in order to provide a solution to their clients. Readership: The primary market is law firms with an insolvency, international finance, banking, restructuring or financial services regulation practice; regulatory agencies such as the FSA and SEC; central banks and banking supervisors; global accountancy firms; investment banks; insolvency NGOs; development banks; and law and business schools worldwide.
Cited by 0
Olivares-Caminal, Rodrigo, Adkins, Richard, Look, Chan Ho et al. · SOAS Research Online (SOAS University of London) · 2011
Cited by 0
Olivares-Caminal, Rodrigo, Guynn, Randall, Kornberg, Alan W. et al. · Warwick Research Archive Portal (University of Warwick) · 2022
Cited by 0
Olivares-Caminal, Rodrigo, Kornberg, Alan, Paterson, Sarah et al. · London School of Economics and Political Science Research Online (London School of Economics and Political Science) · 2016
The new second edition of Debt Restructuring provides detailed legal analysis of international corporate, banking, and sovereign debt restructuring, from the perspective of both creditors and debtors. It sets out practical guidance to help practitioners, policy-makers and academics to understand current developments in debt restructuring, and provides solutions for creditors holding distressed debt and debtor options in a distressed scenario. The Corporate Debt section includes a number of very significant changes such as the UK Supreme Court decision in Eurosail and the disapproval of the "point of no return" test for balance sheet insolvency or the endorsement of the Cheyne Finance decision on cashflow. The changes in treatment of schemes of arrangement since with the decision in Rodenstock are reflected as are the Recast European Insolvency Regulation (EIR) and the Supreme Court decision in Rubin. In the US chapter the new edition considers the limitations on bankruptcy court jurisdiction in Stern v. Marshall and, in the RadLax case, the right of secured creditors to credit bid in a sale of their collateral under a chapter 11 plan. Other significant case law includes consideration of the various safe harbour provisions of the Bankruptcy Code relating to derivative and other financial instruments and cases concerning the effect of foreign court orders in the US...
Cited by 0
Rodrigo Olivares-Caminal, John Douglas, Randall Guynn et al. · London School of Economics and Political Science Research Online (London School of Economics and Political Science) · 2011
- The only work to consider bank, corporate and sovereign restructuring in one volume. - Considers the position under English and New York law with reference to EU regulation, the UNCITRAL model law and other jurisdictions where relevant to illustrate points discussed. - Provides a toolkit of practical options to consider for advisers of both creditor and debtor. - Extremely topical work as it discusses the effects of the credit crisis and resulting regulation. - Experienced author team draw on their experience of cases to provide real insight into law and practice in this area. Debt Restructuring provides a legal analysis of international corporate, banking and sovereign debt restructuring from both the creditors' and debtors' perspective. It provides a practical guide for creditors holding distressed debt, debtor options in a distressed scenario and the necessary steps for the parties to achieve their goals. Written by an expert author team of leading practitioners and academics, the legal analysis is supported by case studies and draft clauses. This topical work is divided into three parts: corporate debt restructuring; bank resolution; and sovereign debt restructuring. Aimed at lawyers working in international finance, banking, insolvency or financial services regulation, as well as regulatory agencies, central banks, banking supervisors, accountants and investment banks, Debt Restructuring can be used as a tool for international practitioners policy makers and academics to understand the current trends in debt restructuring in order to provide a solution to their clients. Readership: The primary market is law firms with an insolvency, international finance, banking, restructuring or financial services regulation practice; regulatory agencies such as the FSA and SEC; central banks and banking supervisors; global accountancy firms; investment banks; insolvency NGOs; development banks; and law and business schools worldwide.
Cited by 0
Rodrigo Olivares-Caminal, Alan Kornberg, Sarah Paterson et al. · Oxford University Press eBooks · 2022
Abstract This new edition offers detailed legal analysis of international corporate, banking, and sovereign debt restructuring, from the perspective of creditors and debtors. It provides practical guidance to help practitioners, policymakers, and academics in the UK and US to understand current developments in debt restructuring, and it provides solutions for creditors holding distressed debt and debtor options in a distressed scenario. The Corporate Debt section includes significant changes to highlight the impact of COVID-19 on restructurings. It also includes the recent adoption of the Part 26A Restructuring Plans and the EU Restructuring Directive. Amendments to the Bank Resolution section reflect decisions by the Single Resolution Board, and national authority resolution decisions notified to the European Banking Authority. A sub-section on domestic bank insolvency and liquidation covers the developments under the Deposit Guarantee Schemes Directive, and a new chapter addresses the international debate on a special resolution regime for insurance firms. Other updates include the 2017 code of practice, the ‘third country’ branch model after Brexit, non-equivalence regarding depositor protection arrangements, and the Resolvability Assessment Framework. There is detailed coverage of US and UK developments, examining the increased role of sanctions and the possibility of piercing the corporate veil in SoEs (Chrystallex), as well as the increased push for domestic laws to be used to curtail litigation. The book also covers developments in re-designation and the emergence of the ‘pac-man technique’ in the context of collective action clauses. The impact of COVID-19 on the adoption of the Debt Service Suspension Initiative and the Common Framework are also analysed.
Cited by 1
Y V Reddy, Partha Ray, Pinaki Chakraborty · 2024
Abstract A significant fallout of the global financial crisis is expansion of liquidity facilities for economies in distress, through bilateral currency swaps, multilateral arrangements between central banks, and through IMF. Based on available data and literature, this chapter argues that the prospects for establishing orderly sovereign debt-restructuring mechanisms are very limited. Efforts at enforcing good creditor conduct and good debtor conduct for debt restructuring are bound to fail as long as creditors and debtors are located in different jurisdictions and the governing law of dominant international financial centres favours creditors. Inevitably, these pose issues of fiscal solvency or sovereign debt sustainability and sovereign debt restructuring, all of which have features very distinct from individuals and corporate entities. The conduct of fiscal policy and its constituent part, management of public debt by national authorities in future, is likely to be influenced by developments with regards to liquidity facilities available and mechanisms for debt restructuring.
Cited by 20
Salamah Ansari · 2019
Distressed sovereign debt ceases to be a rarity. Sovereign debt crisis has become a contemporary international problem. Often sovereign debt crisis grows into a perpetual nightmare for nations as the process of sovereign debt restructuring is relegated to ad hoc mechanisms of resolution. Despite a long history of financial crisis, there is lack of adequate safeguards and international policy framework to ensure timely and equitable restructuring of sovereign debt. Predatory litigations in domestic jurisdictions arising out of sovereign debt restructuring have become the new arena that manifest dilution of sovereignty. Creditors strategically use litigation targeting the sovereign assets located within the state as well as across jurisdictions. With the sovereign immunity diluted and sovereign space eroded, the sovereign acts and assets have fallen prey to opportunistic legal claims in the absence of an international consensus on the framework for restructuring sovereign debt. With India emerging as an attractive destination for Foreign Direct Investment, it is about time that Indian legislates appropriate rules and regulations that explicitly define the degree, scope and extent of state immunity in India.
Cited by 2
Steven L. Schwarcz · SSRN Electronic Journal · 2001
Cited by 1Open access
Y V Reddy, Narayan Valluri, Partha Ray · Oxford University Press eBooks · 2014
Abstract This chapter is devoted to exploration of emerging new realities of liquidity facilities for the sovereigns and sovereign debt restructuring in the global economy. Prospects for establishing orderly sovereign debt-restructuring mechanisms are very limited and the disorderly case-by-case debt restricting appears to favour the financial markets relative to sovereigns. In fact, there are considerable uncertainties in regard to the liquidity support facilities available in future in the global economy, particularly for meeting the needs of developing economies. The prospects for formal debt restructuring mechanisms that would give comfort to the sovereigns at the time of fiscal stress do not appear to be very bright. In such a situation, the assessment of debt sustainability by policymakers will have to take account of the perception of financial markets, the prospects for liquidity support and in the extreme case, the scope for relatively smooth debt restructuring.
Cited by 2
bxhebcocze · Zenodo (CERN European Organization for Nuclear Research) · 2024
<pre><code>\n<p><strong>debt restructuring pdf</strong><br></p>\n<p>Rating: 4.9 / 5 (2620 votes)<br></p>\n<p>Downloads: 23653<br><br></p>\n <p>= = = = = \n<strong><a href="https://tds11111.com/21Nr9y?keyword=debt restructuring pdf" target="_blank">CLICK HERE TO DOWNLOAD</a></strong>\n = = = = = <br><br></p>\n<p><br><br><br><br></p>\n<p><br><br><br><br></p>\n<p><br><br>Both types of debt focused insolvency law reform, to spur the debt restructuring process. A focus has been on low-income countries, but several middle-income nations also face high debt burdens and recent restructurings in Latin America and the Caribbean revealed both unresolved problems and new concerns Court Debt RestructuringIntroductionDefi nition of out-of-court debt restructuring. Strategic Debt Restructuring. by parent company, accompanied by bankruptcy of subsidiary (2/14//25/85; car = %; p0 = 7& pl = AbstractHigh debt levels after the pandemic raised concerns about a wave of sovereign defaults. To start, sectionconsiders the possibility DEBT RESTRUCTURING Benjamin M. Friedman Working Paper NATIONAL BUREAU OF ECONOMIC RESEARCH 1, · ArticlePDF Available. Out-of-court debt restructuring involves changing the composition and/or structure of assets and liabilities of debtors in fi nancial diffi culty, without resorting to a full judicial intervention, and with the ob- This paper starts from a discussion of the economic case for moderated government intervention in debt restructuring in the nonfinancial corporate sector. ember Review of Financial Studies(4) DOI: /rfs/ Source approach to sovereign debt restructuring. sovereign state. A focus has been on low-income countries, but several middle-income nations a direct infl uence on debt restructuring activities. It then draws on lessons from past crises to explain three broad approaches that have been applied to Seventeen months later, thecompany and four ofits wholly owned subsidiaries filed for Chapter Tiger International Inc. Classification: Su essful restructuring of bank and publicly traded debt. Corporate and financial sector restructuring are in-extricably intertwined, being two sides of the same issue. One can generally distinguish two main elements in a debt restructuring: debt rescheduling, defined as a lengthening of maturities of the old debt, possibly Seventeen months later, thecompany and four ofits wholly owned subsidiaries filed for Chapter Tiger International Inc. Classification: Su essful restructuring of bank and AbstractHigh debt levels after the pandemic raised concerns about a wave of sovereign defaults. By negotiating new terms and conditions with domestic lenders, the government aims to alleviate immediate cash flow pressures and establish a sustainable framework for debtsovereign state. The diff erent characteristics of informal restructurings, and of enhanced and hybrid debt restructurings are covered asset management and corporate debt restructuring. A key include restructuring debt, eroding it in real terms through unexpected inflation, or keeping its real cost low through financial repression. One can generally distinguish two main elements in a debt restructuring: debt rescheduling, defined as a lengthening of maturities of the old debt, possibly involving lower interest rates; and debt reduction, defined as a reduction in the face (nominal) value of the old instruments. There is a growing co nsen-sus that the present process for restructuring the debts of a sovereign is more prolonged, more The restructuring of domestic debt in cash-strapped Sri Lanka is a crucial step towards addressing the country's financial challenges and achieving fiscal stability.</p></code></pre>
Cited by 0Open access
Charles N. Brower, Graeme F. Rea · Proceedings of the ASIL Annual Meeting · 1983
An abstract is not available for this content so a preview has been provided. Please use the Get access link above for information on how to access this content.
Cited by 0
Benu Schneider · Palgrave Macmillan eBooks · 2014
Cited by 0
Africa Research Bulletin Economic Financial and Technical Series · 2025
Short-term training tailored to the needs of the labour market, enabling direct employment through partnerships with businesses.Support for entrepreneurship, providing an integrated package of technical assistance and financing, including zero-interest loans in collaboration with BTS BANK.This component also aims to promote economic inclusion through the introduction of incentives for formalisation
Cited by 0Open access
Steven L. Schwarcz · Municipal Finance Journal · 2002
This article argues that certain basic principles of bankruptcy reorganization law can create a framework for crafting national laws for the restructuring of subnational debt.
Cited by 0