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  • COVID-19
  • Commercial Law
22 Jan 2021
2 min to read

Argentina’s Quest for the Moral High Ground in Its Recent Debt Restructuring with Its Foreign Bondholders

Steven T. Kargman

A few months ago Argentina’s new government under President Alberto Fernández completed a bond exchange which was approved overwhelmingly by its foreign bondholders. The final restructuring deal that...
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OBLB categories

  • Commercial Law
10 Dec 2019
6 min to read

The Ridiculous Drama in Rome Over Proposals to Reform the ESM Treaty

Theresa Arnold | Ugo Panizza | Mitu Gulati

As of this writing in December 2019, a remarkable debate over sovereign debt contract clauses is going on in Rome, in the Italian parliament (see here and here). Indeed, the debate has become so...

OBLB categories

  • Corporate Finance
31 Oct 2019
3 min to read

Reprofiling Today for a Sustainable Tomorrow: A Unilateral Italian Debt Restructuring

Emma Cervantes | Victoria Dodev | Shane Ellement | Isabelle Sawhney

Italy has €2.4 trillion of debt. Should it ever find itself in pressing need of restructuring it, traditional avenues for sovereign restructurings could not be used because of a number of factors...
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OBLB categories

  • Brexit
  • Commercial Law
  • Competition/ Antitrust
  • Corporate Finance
  • Corporate Governance
  • Corporate Tax
  • Financial Regulation
  • M&A
26 Sep 2019
2 min to read

2018 Oxford Business Law Blog Round-Up: Top 20 Most Read Posts

OBLB Editors

Thanks to the quality of its posts, the OBLB attracts wide readership. In 2018 alone, the OBLB website was visited over 300,000 times, that is more than 25,000 monthly. Our readers came to our...

OBLB categories

  • Commercial Law
23 Jul 2019
3 min to read

A Sovereign Debt Restructuring Framework for the Euro Area

Sebastian Grund

In a new paper, which was recently published in the Fordham International Law Journal, we discuss the legal framework for sovereign debt restructuring in the euro area—both de lege lata and de lege...

OBLB categories

  • Commercial Law
28 Feb 2019

Collective action clauses in the euro area: a law and economic analysis of the first five years

Sebastian Grund

Efforts to reform the international financial architecture towards a regime in which sovereign debt restructurings can be managed in a more ‘orderly’ fashion date back to at least the early 1920s. In...
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OBLB categories

  • Commercial Law
27 Mar 2018

How to Restructure Venezuela’s Debt

Mitu Gulati | Lee Buchheit

Most of the bonds issued in the international capital markets by the Republic of Venezuela and its state-owned oil company, Petróleos de Venezuela, S.A. (“PDVSA”), have now fallen into default...

OBLB categories

  • Commercial Law
  • Corporate Finance
17 Oct 2017

Bond Workouts, Distressed Equity Offerings and State Interventionism - The Inefficiency of French Law Concerning the Restructuring of Large Distressed Companies

Sophie Vermeille

In my most recent paper, ‘Bond workouts, distressed equity offerings and State interventionism - Analysis of the Consequences of the Inefficiency of French Law Concerning the Restructuring of Large...
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OBLB categories

  • Corporate Finance
  • Financial Regulation
01 Aug 2017

The New Bond Workouts

William W. Bratton | Adam J. Levitin

In the United States, bond workouts are a famously dysfunctional method of debt restructuring, ridden with opportunistic and coercive behavior by bondholders and bond issuers. Historically, they also...

OBLB categories

  • Commercial Law
15 Mar 2017

Restructuring Government Debt Under Local Law: The Greek Experience and Implications for Investor Protection

Sebastian Grund

In contrast to corporations or private individuals, States in financial distress are confronted with a unique legal predicament. In the absence of a bankruptcy procedure, sovereign borrowers must...

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