Sovereign DebtSymposium

Inter-Creditor Equity in Corporate and Sovereign Debt Restructuring

Broadly defined, inter-creditor equity represents a normative evaluation of the treatment a debtor accords to a certain creditor (or group of creditors) vis a vis the treatment that the debtor’s other creditors have received.  In the context of domestic insolvency laws, this evaluation is made possible (and enforceable) through detailed priority structures designed to favor certain creditor groups over other.  When the debtor is sovereign, however, creditor priorities are only …

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