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Legal Aspects of Sovereign Debt Restructuring

Legal Aspects of Sovereign Debt Restructuring

Author: Dr Rodrigo Olivares-Caminal
Publisher: Sweet & Maxwell U.K.
ISBN: 9780414041349
Published In: December 2009
Format: Hardback
Jurisdiction: International ? Disclaimer:
Countri(es) stated herein are used as reference only

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Description
Contents

Details

Legal Aspects of Sovereign Debt Restructuring provides a legal analysis of the problems with sovereign debt along with a toolkit to deal with these problems. It:

Discusses the concepts of how to restructure sovereign debt
Structured to cover the two key areas: the procedural aspects and the transactional aspects
Takes you through the logical sequence of steps a creditor has to consider before suing the sovereign
Shows how a successful judgment can be enforced
Covers the theoretical framework on sovereign debt restructures, including how syndicated loans were restructured into international bonds and the challenges involved
Describes the current decentralised market-oriented approach as opposed to the centralised, statutorily, non-market oriented approach of the “Sovereign Debt Restructuring Mechanism” proposed by the IMF and Rule 23 of the US Federal Rules of Civil Procedure
Gives examples of successful cases demonstrating bond restructurings in Russia, Ukraine, Pakistan, Ecuador, Uruguay, Argentina, Belize and Grenada
Presents the law according to English and US systems, with reference to the norms of other jurisdictions such as Argentina, Australia, Belgium, EU, Germany, Japan and Luxembourg where necessary
Features a workflow diagram
Covers all the relevant areas of the law in one publication

Procedural aspects
Obtaining jurisdiction

Considering different options to sue the sovereign
Determining if the sovereign has immunity from suit
Personal and subject matter jurisdiction of the court
Act of state

Enforcing a judgment

Diplomatic missions
Central bank reserves
Payments from and to International Financial Institutions (IFIs)
Payments of other debt instruments
Military assets of the sovereign or other public enterprises

Transactional aspects
Theoretical framework on sovereign debt restructuring

Current debate: procedures and methods
Decentralised market oriented approach: voluntary and contractual approaches
- Collective action clauses
- Exit consents and term amendments
Other market oriented approaches
- Code approach
- The 'two-step' sovereign debt restructuring procedure
- Ad-hoc creditor associations or committees
Statutory arrangements
- Class actions under US law
- The Sovereign Debt Restructuring Mechanism (SDRM) proposed by the IMF