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Full-Text Articles in Law
Towards A Sovereign Debt Work-Out System;, Rory Macmillan
Towards A Sovereign Debt Work-Out System;, Rory Macmillan
Northwestern Journal of International Law & Business
In a future sovereign debt crisis, debt restructurings are inevitable simply because there is no alternative. Private lending becomes simply unavailable. The commercial banks were asked to lend to Mexico in early 1995 as part of the U.S. Government rescue plan, but the money never materialized.3 The banks' experience of involuntary lending during the 1980s debt crisis was so unpleasant that they are unlikely to increase exposure to a troubled debtor in a crisis today. Other sources of finance are no more likely to yield support. Mexico was unable to return to the capital markets until six months after the …
Restructuring Strategies For Mexican Eurobond Debt, Duncan N. Darrow, Peter V. Darrow, Douglas A. Doetsch, Miguel Jauregui-Rojas
Restructuring Strategies For Mexican Eurobond Debt, Duncan N. Darrow, Peter V. Darrow, Douglas A. Doetsch, Miguel Jauregui-Rojas
Northwestern Journal of International Law & Business
Unless the international capital markets become widely receptive to refinancing Mexican Eurobonds, by early to mid 1996, the holders of these Eurobonds - Mexico's new "bondholder constituency" - may find themselves at the center of a restructuring process encompassing a significant portion of the $13 billion of Eurobond debt outstanding. This article discusses strategies for restructuring.