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Queen Mary Global Policy Institute

Professor Rodrigo Olivares-Caminal in conversation with Andres de la Cruz

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


This 'in conversation' event will be hosted by Professor Rodrigo Olivares-Caminal, Chair in Banking and Finance Law at Queen Mary University of London and expert in sovereign debt restructuring. He will be joined by Mr. Andres de la Cruz, Senior Counsel at Cleary Gottlieb Steen & Hamilton, to discuss 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 was 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.

They will tackle the following questions:

Why do we need a debt transaction, whether by way of an exchange offer or through contractual amendments of the terms of the Eurobonds? What is the perimeter of the debt, how do aggregated collective action clauses actually work, and how do we manage voting shortfalls? What are the impacts of the free rider challenge and sequential aggregated amendments?

You can specify whether you would like to attend the event in person or via Zoom on the registration page.

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