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Debt Restructuring, 3rd Edition

Debt Restructuring, 3rd Edition

Author: Rodrigo Olivares-Caminal; John Douglas; Randall Guynn; Alan Kornberg;et al
Publisher: Oxford University Press
ISBN: 9780192848109

Previous Edition ISBN: 9780198725244
Published In: August 2022
Format: Hardback , 520 pages
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

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The new third edition of Debt Restructuring 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, policy-makers, and academics in the UK and US 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 significant changes to highlight the impact of COVID-19 on restructurings, including: potential grounds for investors/lenders to modify or terminate commitments to fund or support restructurings by invoking material adverse effect or force majeure clauses; unprecedented relief granted by insolvency courts to aid ailing retailers; and challenges facing insolvency courts in making necessary confirmation findings regarding the feasibility of reorganization plans due to market instability. This section 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 new sub-section on domestic bank insolvency and liquidation covers the developments under the Deposit Guarantee Schemes Directive, and a new chapter on insolvency law relating to Insurance Firms 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.

In the Sovereign Debt section, 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. It also covers developments in re-designation and the emergence of the 'pac-man technique' in the context of collective action clauses, as a result of the recent restructurings of Argentina and Ecuador. The impact of COVID-19 on the adoption of the Debt Service Suspension Initiative and the Common Framework are also analysed.

PART I: CORPORATE DEBT RESTRUCTURING (Alan Kornberg and Sarah Paterson)
1: Insolvency in the UK and the US
2: The EC Regulation on Insolvency Proceedings
3: Out-of-court vs. Court-supervised Restructuring
4: UNCITRAL's Model Law on Cross-Border Insolvencies

PART II: BANK RESOLUTION (John Douglas, Randall Guynn, Dalvinder Singh and Hilary Stonefrost)
5: Legal Aspects of Banking Regulation in the UK and USA
6: Banks in Distress
7: Bank Restructuring and Insolvency Procedures
8: Resolution of US Banks and other Financial Institutions

PART III: SOVEREIGN DEBT RESTRUCTURING (Rodrigo Olivares-Caminal)
9: An Introduction to Sovereign Debt Restructuring
10: Litigation Aspects of Sovereign Debt
11: Transactional Aspects of Sovereign Debt Restructuring

Rodrigo Olivares-Caminal, University of Warwick, John Douglas, Davis Polk & Wardwell LLP, Randall Guynn, Davis Polk & Wardwell LLP, Alan Kornberg, Paul Weiss, Sarah Paterson, Slaughter and May,Dalvinder Singh, University of Warwick, and Hilary Stonefrost, South Square

Edited by Nick Segal, Freshfields Bruckhaus Deringer, and Look Chan Ho, Freshfields Bruckhaus Deringer

Rodrigo Olivares-Caminal is an Assistant Professor in the University of Warwick specialising in insolvency and financial law. He is Associate Editor-in-Chief of International Corporate Rescue (Chase Cambria).

Richard Adkins QC is at 3-4 South Square with a particular specialisation in banking and insolvency work including corporate insolvency law and reconstructions. Hilary Stonefrost is also at 3-4 South Square and specialises in insolvency law and banking.

Look Chan Ho is an attorney-at-law and solicitor in the restructuring and insolvency group at Freshfields Bruckhaus Deringer and specialises in corporate insolvency.

Randall Guynn is head of Davis Polk & Wardwell's Financial Institutions Group. His practice focuses on providing strategic bank regulatory and enforcement advice.

Alan Kornberg is a partner and chair of the bankruptcy and corporate reorganization department at Paul Weiss in New York.

Sarah Paterson is a partner at Slaughter & May LLP. She advises on corporate recovery and insolvency matters and has worked on both international and domestic restructurings.

Nick Segal is a partner in Freshfields' restructuring and insolvency group, having been a partner at Davis Polk & Wardwell in their New York office for three years and Allen & Overy in London for 15 years. Nick's experience includes advising on restructurings in the UK, US, Russia, Continental Europe, the Middle East and Asia and he is a leading practitioner in the international field.

Hilary Stonefrost is at 3-4 South Square and specialises in insolvency law and banking.

"This is one of the most impressive and authoritative books in this area of law addressing, providing a thorough legal and practical analysis of international corporate, banking and sovereign debt restructuring from both the creditors' and debtors' perspective." - Gabriel Gómez Giglio, Insol World, First Quarter 2012

"All in all, iDebt Restructuringr is an excellent practical guide built on a well-laid out conceptual foundation, guiding the practitioner not only on what needs to be done, but also why." - David Stokes, Journal of International Banking Law and Regulation