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Cross-Border Debt Restructurings: Innovative Approaches for Creditors, Corporates and Sovereigns
Euromoney Trading Ltd, June 2005, Pages: 447
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.
'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 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. Cárdenas, President, International Bar Association.
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.
List of Contributors
Author and
Editor: Esteban C. Buljevich, International Finance Corporation
Co-editor María Eugenia Rodríguez Beltrán , Full-time Co-Editor
Assistant
Editor: Katherine Meighan, International Finance Corporation
Contributors: Santiago Alsina, MBA Banco de Inversiones
Theodoor Bakker, White & Case
Gregorio Charnas, MBA Banco de Inversiones
Margaret B. Cole, White & Case
Sam Coleman, Citigroup
Eric D. Cruikshank, International Finance Corporation
Andrés de la Cruz, Cleary Gottlieb Steen & Hamilton
Douglas A. Doetsch, Mayer, Brown, Rowe & Maw
James W. Giddens, Hughes Hubbard & Reed
Aaron L. Hammer, Freeborn & Peters
Sara Hanks, Clifford Chance
Kenneth Hansen, Chadbourne & Parke
Paul Kearney, European Bank for Reconstruction and
Development
Katherine Meighan, International Finance Corporation
E. Gayle McGuigan Jr., International Finance Corporation
Peter R. Moyers, Hughes Hubbard & Reed
Madlyn Gleich Primoff, Kaye Scholer
Augusto Repetto, Overseas Private Investment Corporation
Wendy Rosenthal, Clifford Chance
John D. Taylor, Mayer, Brown, Rowe & Maw
Charles van der Mandele, International Finance Corporation
Product samples
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