EMTA WEBINAR: PROPOSED NEW YORK STATE LEGISLATION RELATING TO SOVEREIGN DEBT
CLE CREDITS OFFERED
Tuesday, May 4, 2021
11:00 to 12:30 a.m. New York / 4:00 to 5:30 p.m. London
Panel Discussion
Dennis Hranitzky (Quinn Emanuel Urquhart & Sullivan) – Moderator
Steven Schwarcz (Duke University Law School)
Ben Heller (HBK Investments)
Andrew Lowenthal (Managed Funds Association)
Ian Clark (White & Case)
A law has been introduced into the New York State Legislature that would affect sovereign bond restructurings, where the bond at issue are governed by New York law.
While many sovereign bonds in Emerging Market countries contain collective-action clauses (CACs) that require all creditors to be bound by the modifications agreed to by the majority of such creditors, other sovereign bond contracts lack the CACs mechanism. The proposed New York State legislation would create an opt-in mechanism allowing sovereign debtors to replace existing contractual cram-down provisions (including those based on ICMA recommendations) with a standard statutory cram-down mechanism crafted by the New York legislature. It would also prevent creditors from proposing a plan for any sovereign restructuring initiated pursuant to the law and involve the New York State Department of Finance in a comprehensive audit, to be undertaken by an unspecified body, of any foreign sovereign who invokes the law. Any disputes arising in connection with a restructuring undertaken under the new law would be referred to ICSID arbitration.
This EMTA Webinar will explore the ramifications of the proposed statute, including its effects on New York continuing to be the governing law (along with UK law) on new sovereign debt bond contracts, as well as the proposed statute’s prospects for being enacted into law.
Support Provided by Quinn Emanuel Urquhart & Sullivan and White & Case.
Registration fee for EMTA Members: US$50 / US$495 for Non-members.
Register online quickly and securely with your credit card. (If you prefer to pay by check or wire, please contact us.)
This event is not open to the media, and is off the record.
Cancellation policy: Cancellations must be received by 11:00 a.m. (EST), Monday, May 3, 2021 or you will be charged the full amount. Substitute delegates may be sent at no extra charge. Please contact Nadine Simonelli at nsimonelli@emta.org.
This Webinar is part of a continuing series of panels and presentations that EMTA is pleased to sponsor on various topics of interest to Emerging Markets investors and other market participants and is part of EMTA’s Legal & Compliance Seminars*.
*CLE credit will be available for NY attorneys. This Webinar is non-transitional and appropriate for experienced attorneys only. Please click here for details on EMTA’s Financial Hardship Policy.