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Praise for Cross-Border Debt Restructurings: Innovative Approaches for Creditors, Corporates and Sovereigns
"Events of the last decade remind us that debt restructuring is an integral and challenging part of international commercial practice. Cross-Border Debt Restructurings presents an accessible and comprehensive treatment of this multi-faceted topic, and provides an overview of the laws, mechanics and strategies of debt restructuring. The contributors to this impressive work include financiers, lawyers and other practitioners, who offer the reader the benefit of their experience through the detailed examination of specific topics of interest and multiple case studies. This effective blending of theory and practice makes Cross-Border Debt Restructurings a valuable resource for practitioners and academics alike." Mickey Kantor, Former US Commerce Secretary /Former US Trade Representative
"a comprehensive, authoritative and multidisciplinary practitioner's manual on debt restructurings on a global basis could not be more opportune. Consequently, I am sure that the entire Euromoney audience will undoubtedly celebrate the novelty of this book and be overjoyed with and, perhaps, enriched by this distinct, unique piece of work on one of the hottest subjects on the international financial arena."
From the Foreword by Emilio J. C á rdenas, President, International Bar Association.
Description of Cross-Border Debt Restructurings: Innovative Approaches for Creditors, Corporates and Sovereigns
Workouts are increasingly becoming a global reality and this book brings together 23 senior specialists from across the globe to provide a comprehensive discussion of out-of-court debt restructurings. The unique cohesion of legal, business, financial and accounting experience brought to together in this book provides the international workout practitioner with the tools to achieve a comprehensive understanding of the workout process.
Part 1 deals with the basics of debt restructurings and is intended to provide in-depth material (a manual) on the A to Zs of workouts for both beginners and well-seasoned practitioners. Topics covered include:
- a description of the historical evolution of workout practices, principles and approaches from the origins of sovereign debt default to the launching of our new global approach to restructurings, including the workout decalogue;
- an introduction to the subject of out-of-court debt restructurings;
- an overview of the restructuring dilemma: out-of-court versus in-court solutions and middle-of-the-road alternatives;
- an elaboration on the different stages, elements and aspects of the workout process;
- an overview of the main financial analysis techniques used by workout professionals; and
- a review of the main strategies, options and solutions used in current restructurings.
Part 2 deals with special topics on restructurings. Subject matters covered include:
- an elaboration of various early warning signs of distress;
- an overview of the United States Chapter 11 rules, prepackaged solutions and cross-border insolvency issues, including ancillary proceedings, all from the perspective of a global workout case;
- a practical description of the main United States securities law issues related to exchanges, exit consents, tender offers and other securities law matters affecting the restructuring of international capital market instruments;
- a narrative explanation of the historical evolution of sovereign debt restructurings;
- an introductory chapter on the hot topic of collective action clauses;
- a description of the peculiar issues associated with restructuring transactions financed on a non-recourse, project financing basis; and
- an analysis of the implications and issues arising out of political risk insurance coverage when applied to workout matters.
Part 3 describes the East Asian and Argentine crises experiences and also presents four workout case studies in Central Europe , Latin America , Eastern Europe and East Asia to provide practical examples of the application of all concepts dealt with in the book in actual or theoretical transactions.
Page extent (estimated): 500 pages
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