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Private Bond Restructurings: Lessons for the Case of Sovereign Debtors
Author:
Mr. Marco A. Piñón-Farah
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Series:
IMF Working Papers
Volume/Issue:
Volume 1996: Issue 011
Language:
English
Publication Date:
01 Feb 1996
DOI:
https://doi.org/10.5089/9781451926064.001
ISBN:
9781451926064
ISSN:
1018-5941
Pages:
16
Keywords:
WP; exchange offer; bondholder; debt; bond; company; bond exchange offers; adverse selection; seaman furniture Co; holdout bondholder; targeted bondholders class; bond issue; bondholder committee; fixed interest rate; market value; Bonds; Corporate bonds; Sovereign bonds; Common stocks; Debt restructuring
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IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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This paper reviews recent experience with both sovereign and private bond restructurings. It also summarizes the literature on private bond restructurings and describes the “typical” process for a voluntary exchange of new bonds for existing obligations. From this information some conclusions are drawn as to the possibility of concluding voluntary restructuring agreements for sovereign bonds within relatively short periods of time.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund