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Part I Sovereign Debt Restructuring, 1 Minimizing Holdout Creditors: Carrots »

Lee Buchheit, Elena L. Daly
From: Sovereign Debt Management
Edited By: Rosa M Lastra, Lee Buchheit
1.01 This chapter discusses the methods by which voluntary private sector creditor participation in a sovereign debt restructuring can be encouraged through techniques that reward such participation, structurally or monetarily—the ‘carrots’. The next chapter (Chapter 2) addresses the techniques that actively discourage non-participation in these affairs—the ‘sticks’. 1.02 In comparison with their corporate and individual debtor counterparts, sovereign borrowers are both uniquely vulnerable to, and uniquely protected against, creditor legal remedies. 1.03...

Part I Sovereign Debt Restructuring, 2 Minimizing Holdout Creditors: Sticks »

Lee Buchheit, Elena L. Daly
From: Sovereign Debt Management
Edited By: Rosa M Lastra, Lee Buchheit
Praise the Lord and pass the ammunition. (Howell Forgy, US Navy lieutenant, Pearl Harbor, 7 December 19411) 2.01 This chapter discusses the techniques that have developed over the last thirty years to discourage holdout creditor behaviour in a sovereign debt workout—the proverbial ‘sticks’. For the engineer of sovereign debt workouts, the question is not usually one of carrots or sticks; rather, it is sometimes a matter of blending enough carrot juice into the recipe so that the required creditor voting threshold to approve a more coercive measure can be reached....