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Centre for Commercial Law Studies

Redesignation and sequential aggregated amendments

When: Thursday, May 26, 2022, 3:00 PM - 4:30 PM
Where: Zoom/ Room 3.1, Centre For Commercial Law Studies, 67-69 Lincoln's Inn Fields, London WC2A 3JB

Co-hosted by: Centre for Commercial Law Studies, OECD, Development Centre. In collaboration with: Queen Mary Global Policy Institute, Institute for Global Law, Economics and Finance, Kepler Karst Law Firm, Sovereign Debt ForumThis “in conversation” event is hosted by Professor Rodrigo Olivares-Caminal, Chair in Banking and Finance Law at Queen Mary University of London, an expert in sovereign debt restructuring, who will have a conversation with Mr Andres de la Cruz, Senior Counsel at Cleary Gottlieb Steen & Hamilton on the recent developments in sovereign debt restructuring.

Mr de la Cruz has been the lead counsel acting for the Governments of Argentina and Ecuador in their 2020 multi-billion sovereign debt restructurings and has been the mastermind behind the redesignation technique and the sequential aggregated amendments that had opened a new chapter in sovereign debt restructurings, particularly in the use of collective action clauses in bond instruments.

In their conversation, the follow themes will be addressed:

(1) Why do we need a debt transaction, whether by way of an exchange offer or through contractual amendments of the terms of the Eurobonds;

(2) The perimeter of the debt, how aggregated collective action clauses actually work, and how to manage of voting shortfalls (the redesignation option);

(3) the free rider challenge and sequential aggregated amendments; and,

(4) adjustments to the NY law version of the 2014 ICMA model CAC.

This event is held in partnership with the Queen Mary Global Policy Institute.

Please register above to attend either in person or on Zoom (a Zoom link will be sent to you the day before the event).

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