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Implications of proposed legislation in New York for sovereign debt restructuring
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The New York legislature is currently considering three Bills that could substantially impact sovereign debt markets if enacted. The Bills would: (i) limit private creditors’ recovery in the event of sovereign default; (ii) block private parties from purchasing sovereign debt for the purpose of litigating a renegotiation of the debt; and (iii) create a binding, bankruptcy-like restructuring mechanism for sovereign debtors. This In Practice article looks at some of the potential implications of the New York Bills.
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