Emerging Markets Debt Restructuring

<p>Corporate debt in emerging markets (EMs) has reached historical levels in the post-Covid-19 world. This challenges international lenders (e.g., commercial banks, development finance institutions, and impact investors) and EM economies in their pursuit of economic development. This book builds on the authors’ first volume by focusing&nbsp;on&nbsp;the role of institutions in&nbsp;the&nbsp;economy, credit markets, and ultimately debt restructuring.&nbsp;The&nbsp;authors&nbsp;identify, contextualize,&nbsp;and evaluate&nbsp;the major challenges confronting restructuring&nbsp;professionals&nbsp;in EMs,&nbsp;offering&nbsp;“ten&nbsp;observations”&nbsp;on the&nbsp;major differences&nbsp;for the practitioner&nbsp;in the restructuring environment of&nbsp;EMs&nbsp;versus&nbsp;that of&nbsp;advanced economies.&nbsp;The authors present four detailed EM case studies (following these with counterfactuals)&nbsp;reflecting these ten observations.&nbsp;The authors also explore the main elements of an effective EM insolvency framework as relevant to the restructurer’s choice whether to pursue a formal versus an informal solution.&nbsp;Written for restructuring professionals by restructuring professionals, this book explores the factors which drive success—or failure—in EM debt restructuring.</p>