Debt Restructuring

The third edition of Debt Restructuring provides a comprehensive legal analysis of international corporate, banking, and sovereign debt restructuring, offering practical guidance and solutions for practitioners, policy-makers, and academics. It includes updates on COVID-19's impact, the adoption of Part 26A Restructuring Plans and the EU Restructuring Directive, and developments in domestic bank insolvency and liquidation.

Format: Hardback
Length: 880 pages
Publication date: 19 August 2022
Publisher: Oxford University Press

The third edition of Debt Restructuring provides a comprehensive legal analysis of international corporate, banking, and sovereign debt restructuring, offering valuable insights from the perspectives of creditors and debtors. This edition is designed to assist practitioners, policymakers, and academics in the UK and US in understanding the latest developments in debt restructuring and exploring practical solutions for creditors holding distressed debt and debtor options in challenging scenarios.

The Corporate Debt section of the book includes significant updates to reflect the impact of COVID-19 on restructurings. It explores potential grounds for investors and lenders to modify or terminate commitments to fund or support restructurings, including invoking material adverse effect or force majeure clauses. The section also highlights unprecedented relief granted by insolvency courts to aid struggling retailers and the challenges faced by insolvency courts in confirming the feasibility of reorganization plans due to market instability. Additionally, the book discusses the recent adoption of the Part 26A Restructuring Plans and the EU Restructuring Directive.

The Bank Resolution section has been amended to reflect decisions made by the Single Resolution Board and national authority resolution decisions notified to the European Banking Authority. A new sub-section on domestic bank insolvency and liquidation covers developments under the Deposit Guarantee Schemes Directive, while a new chapter on insolvency law relating to Insurance Firms addresses the international debate on a special resolution regime for insurance firms. Other updates include the 2017 code of practice, the third country branch model after Brexit, non-equivalence regarding depositor protection arrangements, and the Resolvability Assessment Framework.

In the Sovereign Debt section, the book delves into the legal aspects of sovereign debt restructuring, including considerations for debtor countries, creditors, and international organizations. It explores the legal frameworks and processes employed in sovereign debt workouts, such as debt exchanges, loan modifications, and restructuring agreements. The section also discusses the role of international institutions and creditors' committees in sovereign debt restructuring and the challenges faced by debtor countries in achieving sustainable debt sustainability.

Overall, the third edition of Debt Restructuring is a valuable resource for professionals, policymakers, and academics seeking to stay informed about the latest developments in debt restructuring and explore effective strategies for managing distressed debt and debtor situations.

Weight: 1690g
Dimension: 182 x 253 x 55 (mm)
ISBN-13: 9780192848109
Edition number: 3 Revised edition