Sovereign and municipal debt

Bondholders sue Buenos Aires, as Argentina’s Jujuy province restructures debt

White & Case is advising a group of bondholders who have filed a suit against the Argentine province of Buenos Aires over its continuing defaults, while Holland & Knight and DLA Piper have helped the province of Jujuy restructure US$210 million worth of foreign debt.

31 March 2021

Heads-Up: Todd Snyder at Piper Sandler in New York

Featured in Heads-Up

A few months after taking over as Piper Sandler’s global head of restructuring, veteran Wall Street banker Todd Snyder speaks to GRR about a potential boom in infrastructure investment, why sub-Saharan Africa is a likely place for new investment activity and his “almost religious” belief in the importance of restructuring to the good functioning of the free market.

15 March 2021

Zambia seeks relief under G20’s new common framework

Zambia’s ministry of finance announced it had become the third African country to request debt relief under the G20’s new common framework this week, but a local lawyer tells GRR that upcoming elections and its Eurobond default may complicate negotiations.

09 February 2021

Crystallex can proceed with sale of PDVSA refinery

A Delaware court has granted Canadian miner Crystallex permission to sell shares in the US refinery business owned by Venezuela’s national oil and gas company PDVSA, saying each day the creditor cannot collect a US$1.6 billion arbitration award is an “affront” to the US judicial system.

19 January 2021

Argentina's Córdoba restructures its international debt

The Argentinian city of Córdoba has hired teams from Hogan Lovells in New York and Houston and Córdova Francos Abogados in Buenos Aires to restructure US$150 million worth of foreign debt, following in the footsteps of the federal government and the province of Mendoza.

25 November 2020

The game changer for Argentina: collective action clauses

Lawyers who worked on Argentina’s US$65 billion international debt restructuring reflect on the challenges and achievements of the deal, highlighting the activation of collective action clauses as a key ingredient for its successful outcome.

28 September 2020

Sovereign debt restructuring in times of stress: lessons from Ecuador and Argentina

Hogan Lovells partner Evan Koster and associate Juan Moreno investigate the use of aggregated collective action clauses in the recent restructurings of Ecuador and Argentina, describing them as an “important development” in the restructuring process of sovereigns.

23 September 2020

Argentina’s quest for the moral high ground: the road ahead

In the final part of his feature examining Argentina’s strategy in its recent debt negotiations with bondholders, Steven Kargman of Kargman Associates looks at what lies ahead for the country as it prepares for a fresh round of negotiations with the IMF. Kargman asks whether the country will be able to develop a sustainable economic strategy for the coming years, or whether it will continue to lurch from one economic (and sovereign debt) crisis to another.

17 September 2020

Argentina’s quest for the moral high ground: the professoriate weighs in

In the third part of his feature examining Argentina’s “quest for the moral high ground” in its recent restructuring negotiations, Steven Kargman of Kargman Associates looks at the role played by some of the world’s leading academics and Argentina’s position on debt sustainability and collective action clauses.

16 September 2020

Argentina’s quest for the moral high ground: challenges during a pandemic

In the second instalment of his four-part feature, Steven Kargman of Kargman Associates begins his exploration of the “three P’s” relied on by Argentina during its recent restructuring negotiations, focusing on the roles played by the covid-19 pandemic and the Pope.

15 September 2020

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