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• W2604591528 abstract "IntroductionThe seemingly endless litigation that has lasted for over a decade between certain holdout1 creditors and the Republic of Argentina (the 'Republic' or 'Argentina') before the courts of New York provides countless lessons for the financial community, especially for those interested in sovereign debt. This article does not intend to analyse all causes that led to the current deadlock among the Republic, NML Capital Ltd (NML) and other holdout bondholders, the exchange bondholders and the New York courts.2 Its purpose is much more limited: to describe the court's main decisions and to propose a roadmap to settle the dispute in the coming months, now that a new administration has taken office in Argentina.3The countless rulings in the NML et al v Republic of Argentina saga over this decade have revealed that domestic courts are ill-equipped to force a sovereign debtor to pay a financial obligation when it decides to shelter assets beyond the reach of creditors. Indeed, over the decade, Argentina proved to be extremely successful in keeping assets out of the creditor's hands,4 while its national authorities resorted to national and external support for the countr y's fight against the so-called 'vulture funds'. To a certain extent, the case also confirms that sovereigns pay their debts because paying is more beneficial to them than not paying, not because of court orders.5In parallel, the case shows the need for a new set of accepted rules (contractual or statutory) to deal with the sovereign restructuring process, in order to avoid lengthy, disorderly and inefficient litigation. Indeed, the case demonstrates that a mere 'contractual ' approach (as the term was understood during the past decade)6 does not provide the means for effective creditor coordination and may lead to results that are neither fair nor efficient. In this sense, the case provides several arguments in support of a 'statutor y' or 'treaty' approach7 as a means to deal with sovereign debt crisis.As a result of the litigation and in order to reduce the holdout's incentives, on 29 August 2014, the International Capital Market Association (ICMA) released a new set of model clauses for sovereign bond contracts, including 'one-limb' collective action clauses (CACs), which require only a single vote calculated on an aggregated basis across all affected bond series for the modification of the key financial terms of a bond, eliminating the series-byseries vote.8In addition, the case expedited the approval by the United Nations General Assembly of the 'Basic Principles on Sovereign Debt Restructuring Processes' (the 'Basic Principles'),9 which recognise the right of any sovereign state to restructure its sovereign debt, acting with good faith, impartiality and transparency (Basic Principles one to four) and state that sovereign debt restructuring agreements approved by a qualified majority of the creditors of a state are not to be affected, jeopardised or other wise impeded by other states or a non-representative minority of creditors (Basic Principle nine). Not surprisingly, on 4 November 2015, Argentina became the first countr y to pass the Basic Principles into law.10Notwithstanding the foregoing, in order to untie the knot, the NML litigation would be likely to require private negotiations between the main actors (that is, the Republic and the major holdout bondholders), which may be complemented with a mechanism already known in sovereign debt restructuring processes: an exchange offer with exit consents. The Republic might also explore other options, such as a cash offer with the proceeds coming from an eventual (new) offering of bonds.Exit consents, which have been used in sovereign debt restructuring since Ecuador first used them in 2000,11 permit amendment of the bonds that will be left in the hands of the holdout creditors after the restructuring closes, therefore making such bonds less valuable or more difficult to enforce. …" @default.
• W2604591528 created "2017-04-14" @default.
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• W2604591528 date "2016-05-01" @default.
• W2604591528 modified "2023-09-26" @default.
• W2604591528 title "A Decade of Sovereign Debt Litigation: Lessons from the NML V Argentina Case and the Road Ahead" @default.
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