Topic: Sovereign and municipal debt

White & Case and Weil advising as Zambia strikes debt deal

The government of Zambia has reached an in-principle agreement with holders of its Eurobonds, who have agreed to take a US$700 million haircut on almost US$4 billion of claims.

27 October 2023

Individual investor fails on appeal to sue Eurogroup for Greek debt restructuring

An individual investor in Greek sovereign debt has failed on appeal to challenge the imposition of the country’s 2012 restructuring on “mom and pop” bondholders, after the EU’s General Court upheld an earlier ruling that decisions taken by an intergovernmental body within the Eurozone cannot be attributed to the EU.

19 July 2023

Argentina vows to appeal loss in €1.33bn GDP-linked debt case

Counsel to the Republic of Argentina tells GRR it is planning to seek permission to appeal an English court decision ordering it to pay investors €1.33 billion for losses in the country’s gross domestic product-linked securities.

06 April 2023

Cuban debt was validly assigned but guarantee was not, English court finds

An offshore fund holding defaulted Cuban sovereign debt obtained the necessary consents to be assigned that debt and may pursue enforcement against the state’s former central bank, an English court has found – but it did not obtain consent to transfer accompanying guarantees provided by the Cuban government.

05 April 2023

Cuba challenges validity of sovereign debt assignment in English courts

An eight-day trial is under way in London to decide whether a Cayman fund can bring a claim against Cuba for payment of an almost 40-year-old sovereign debt governed by English law and denominated in now-defunct German Deutschmarks.

25 January 2023

GRR Live, New York: China’s debt-trap conspiracy

After two decades that have seen China become the largest bilateral lender to the world’s poorest countries, attendees at GRR Live in New York said talk of so-called “debt-trap diplomacy” is misplaced but the country needs to decide whether it wants to be isolated or part of the developed financial world.

19 October 2022

GRR Live, New York: in pictures

GRR Live returned to New York last week after a three-year break due to covid-19.

10 October 2022

Weil, White & Case advise on Ukraine sovereign debt deal

UPDATED: White & Case advised the Ukrainian government on a sovereign debt restructuring deal it reached with certain GDP warrant and bondholders last week, with Weil on the side of larger creditors.

15 August 2022

Bondholder sues Sri Lanka in US as foreign investors form creditor group

Sri Lanka is facing a US$250 million claim from a bondholder in New York who accuses the country of discriminating against US investors in its debt restructuring, after it defaulted for the first time in its history last month.

24 June 2022

US court approves historic Puerto Rico restructuring

Puerto Rico has won approval for the first territorial debt restructuring in United States history with a plan that will see the island cut its public debt by about 80% and save more than US$50 billion in debt repayments.

19 January 2022

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