One hundred years ago in the United States, confronted by the urgent need to find a debt
workout procedure for large corporate and railroad bond issuers, the financial community …

When a corrupt governmental regime borrows money in the name of the state, and then
steals or squanders the proceeds, must the future citizens of that country repay the loan …

… On the distinction between the pari passu representation and warranty and the pari passu
covenant generally, see BUCHHEIT, supra note 3, at 82-83. 6 The reference materials we …

… Buchheit, Majority Action Clauses May Help Resolve Debt Crises, INT'L FIN. L. REV., Aug. …
Lee Buchheit's law firm represented the Republic of Ecuador in this transaction. See …

… Buchheit retired in 2019 after a 43 year legal career. During his professional career, Mr.
Buchheit worked on more than two dozen sovereign debt restructurings. He led the legal teams …

Sovereign debt crises occur regularly and often violently. Yet there is no legally and politically
recognized procedure for restructuring the debt of bankrupt sovereigns. Procedures of this …

The Eurozone official sector has declared that the belated restructuring of Greek bonds held
by private sector creditors in 2012 was a “unique and exceptional” event, never, ever to be …

There are three reasons for attempting to reach a common understanding of the responsibilities
of sovereign borrowers and their lenders. First, the flow of capital to sovereign debtors is …

Although it is relatively easy for a lender to get a court judgment against a defaulting sovereign
(this is a sovereign’s great vulnerability in comparison with a corporate debtor eligible for …

As tar babies go, few have proven stickier for the official sector1 than the plight of private sector
lenders trying to recover their bad loans to foreign governments. Inevitably, these lenders …