Cross-Boarder 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;