On 22 April, Argentina raised capital on international debt markets for the first time since its 2001 default, paying its biggest holdout creditors in line with a settlement offer they accepted in February.
The payment of the multibillion-dollar settlement and the lifting of several injunctions that prevented Argentina from paying out on restructured sovereign bonds unless it also paid holdouts symbolise the end of more than a decade of New York litigation brought by hedge funds managed by some of the world’s wealthiest and best-known investors, including Elliott Management, Aurelius Capital, Davidson Kempner and Bracebridge Capital. GRR takes a look at the ups and downs of a tumultuous 15-year saga.
As this edition goes to press, Britain is pondering its future on the world circuit: should we stay in the European Union, or should we go? The resounding answer from insolvency lawyers in our Brexit poll is: “Stay!” GRR contemplates the benefits of staying in the EU, and any issues that could result from opting out, from a cross-border insolvency perspective.
Elsewhere, we have an interview with Dan Glosband, of counsel at Goodwin Procter, one of the architects of the US’s Chapter 15, whom we met at the American Bankruptcy Institute’s Spring meeting in Washington, DC.
We also have two features prepared by external contributors. Nick Lister, a senior associate at Allen & Overy in London, contemplates UK schemes of arrangement by looking at his firm’s use of a scheme to enact a moratorium on claims for a Ukrainian metals miner. Meanwhile, partner Adrian Cohen and senior associate Melissa Coakley of Clifford Chance provide an overview of the push towards insolvency law reforms in the Middle East, particularly in the UAE and Saudi Arabia.
Finally, we also have our regular columns: partner Andrew Shutter from Cleary Gottlieb Steen & Hamilton ponders the natural order of things when it comes to paying off creditors in sovereign debt disputes; founding member Edward Davis and partner Annette Escobar of Astigarraga & Davis in Miami look at some of the obstacles to asset recovery in Chapter 15 cases in the US, and how to get around them; and our very own editorial board member Bob Wessels, professor emeritus of international insolvency law at Leiden University in the Netherlands, discusses what Europe can learn from the 17 African nations that recently adopted the UNCITRAL Model Law on Cross-Border Insolvency.
In this magazine:
- GRR’s Brexit Poll
- Metinvest: Many ways of standing still
- Anticipated legislative reforms in the Middle East
- Argentina: Back in business
- Interview: Dan Glosband
- Europe: OHADA and the EU
- Asset Recovery: Why fraudsters should fear cross-border insolvency
- Sovereign Debt: The natural order of things
- International Women’s Insolvency and Restructuring Confederation’s 13th annual spring conference: Cross-border group insolvency laid bare
- ABI – Washington DC: Trends in US cross-border cases, Chapter 15, UNCITRAL and the EIR
- TMA Prague: Cleaning up non-performing loans in the CEE region
- 9 Stone Buildings London Seminar: On discovery and asset recovery
- R3/INSOL London