In a major enhancement of the sovereign debt restructuring process, the G20 and International Monetary Fund in 2014 endorsed collective action clauses developed by the International Capital Market Association. These included a ‘single limb’ clause which would potentially allow all creditors to be bound into a restructuring in a single vote. However, this clause was not used in the Argentinian and Ecuadorian restructurings. Mark Sobel and a panel of speakers discuss why, and what this means for the future of the ‘single limb’.
09:00-10:00 (New York)