CreditSlips

Euro Area Sovereign Bonds: CACs or no-CACs?

02/03/19

Mitu Gulati and Mark Weidemaier

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The Woes of PDVSA Debt Holders

01/29/19

Mark Weidemaier & Mitu Gulati

Many things about the current situation in Venezuela bewilder us. Among them are parts of the new sanctions.  The one that especially puzzles us is the part that says that transfers of PDVSA debt claims by US persons are only permitted to non-U.S. persons.

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On the Attachability of Blocked Venezuelan Assets

01/29/19

Mark Weidemaier and Mitu Gulati

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The Commonwealth and the GOs, part 2

01/28/19

In my last post, I noted that the joint committee-Board objection to the 2012 and 2014 Puerto Rico GOs was at least plausible, and thus is likely headed for more extensive litigation.

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The Commonwealth and the GOs, part 1

01/23/19

While there has been some press coverage of the recent attempts to annul some $6 billion of Puerto Rican general obligation bonds – essentially all such debt issued starting in 2012 onward – the move has not received much deep coverage.

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Jay Alix, McKinsey Redux

01/17/19

A quick note on this ongoing issue, in which Jay Alix (the individual) claims that McKinsey has gained bankruptcy work and market share by flouting the requirements of the Code. Reports are out this morning that some judges have sent this matter to mediation. I don't get that.

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Is SB 901 Constitutional?

01/14/19

PG&E filed a notice that it was preparing to file for bankruptcy in around 15 days.  Companies don't usually make this sort of announcement willingly; it's an invitation to a creditor run.  PG&E filed the notice because it's required to under a recently enacted California law, SB 901.  SB 901 requires public utilities to file notice of changes of control at

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