Intercreditor Equity in Sovereign Debt Restructuring

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Prof Astrid Iversen (Associate Professor, Associate Professor, Inland Norway University of Applied Sciences)

Intercreditor Equity in Sovereign Debt Restructuring

Prof Astrid Iversen (Associate Professor, Associate Professor, Inland Norway University of Applied Sciences)

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English

Oxford University Press
09 March 2023

International economic & trade law; Banking law; Bankruptcy & insolvency

The question of intercreditor equity is one of the most contentious issues in debt restructuring, both historically and today.

Intercreditor Equity in Sovereign Debt Restructuring maps and establishes the content of these intercreditor equity rules, and analyses how they influence the restructuring process. Through this analysis, Astrid Iversen outlines how creditors can predict their legal rights in the unfortunate event of a debt restructuring and strives to improve our understanding of the boundaries within which a debt restructuring offer must be designed. Iversen also seeks to shed light on the functioning of the legal framework governing sovereign debt more broadly. In this book, she examines whether intercreditor equity rules and the legal framework of sovereign debt are compatible with a debtor state's responsibility to ensure monetary and financial stability and to establish sustainable debt burdens. Iversen also explores how certain intercreditor equity rules constitute an obstacle to sustainable debt restructurings and highlights how the number of different intercreditor equity rules that a sovereign debtor state typically is bound by, as well as the scope of these rules, risk tightening the policy space of debtor states to the extent that it is difficult to design and implement a sustainable debt restructuring.

Suitable as an introductory text for readers new to the topic of sovereign debt restructurings, and as an instructive guide for debt management offices, creditors, and their lawyers, this publication provides a comprehensive legal study of intercreditor equity rules in sovereign debt restructuring.

By: Prof Astrid Iversen (Associate Professor Associate Professor Inland Norway University of Applied Sciences)
Imprint: Oxford University Press
Country of Publication: United Kingdom
Dimensions: Height: 240mm, Width: 165mm, Spine: 20mm
Weight: 538g
ISBN: 9780192866905
ISBN 10: 0192866907
Pages: 272
Publication Date: 09 March 2023
Audience: Professional and scholarly , Undergraduate
Format: Hardback
Publisher's Status: Active

Introduction 1: The Role of Intercreditor Equity in Sovereign Debt Restructuring 2: Sovereign Powers in Crisis Resolution 3: Intercreditor Equity Rules Applicable to Debt Instruments Governed by International Law 4: Intercreditor Equity Rules Applicable to Debt Instruments Governed by Domestic Law 5: International Law Protection of Creditors Holding Debt Instruments Governed by Domestic Law 6: Interconnected and Conflicting Rights 7: Systemic Challenges and the Future of Intercreditor Equity Disputes 8: The Outlook for Broader Systemic Reform

Astrid Iversen is an Associate Professor at Inland Norway University of Applied Sciences. She is currently on leave from this position to do research on Central Banks' Expanding Role in Financial Markets in Times of Crisis, in a joint project between the University of Oslo and Inland Norway University of Applied Sciences. She holds a PhD and a Master of Law from the University of Oslo. She has also studied banking and finance law at ESADE Law School in Barcelona and was a Visiting Scholar at Lauterpacht Centre for International Law at the University of Cambridge.