Value Recovery Instruments in sovereign restructurings with Lee Buchheit
Update: 2023-11-08
Description
Lee Buchheit, Honorary Professor at the University of Edinburgh Law School, talks about the use of value recovery instruments to resolve sovereign debt workouts with Debtwire's Laura Gardner.
Lee takes us back to the origins of these tools, which were first used as part of the 1990s Brady-era debt restructurings.
While in principle used to sweeten the deal for bondholders agreeing to significant upfront debt relief, Lee argues that they face a number of difficulties, both from the debtor and creditor perspective.
Lee then looks at recent cases in Suriname, Zambia, and Sri Lanka to see how they have incorporated new elements into their value recovery instruments.
#sovereigndebt #zambia #suriname #srilanka #ghana #restructuring
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