CreditSlips

PR: Let's start with financing...

03/01/16

OK, so I start from the premise that holdouts don't want to restructure debt but others do.  Thus, the goal should be incentivize restructuring in a way that beats up on holdouts.  Could the Feds say they'll offer financing (e.g., underwrite new bonds) for people who exchange bonds/debt?

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Truthiness, Or the Shenanigans of Executoriness

02/29/16

For the first time in nearly two decades of wrestling with section 365 of the Bankruptcy Code, I feel like I really understand the practical problems with the notion of "executoriness," as well as a constructive way forward.

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Argentina and the Holdouts Reach a Deal

02/29/16

The title pretty much sums it up, but this fastFT article gives a few details. The short of it: $4.65 billion to the group of holdouts led by NML (a roughly 25% haircut, reportedly), with the payment still requiring legislative approval in Argentina.

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I Can't Give Everything Away

02/25/16

Some thoughts on the new rules for broker-dealer OLA cases, over at Dealb%k.

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The Financial Lives of Undocumented Immigrants

02/25/16

We know little about the financial lives and credit constraints of undocumented immigrants, partly because they are such a difficult to reach population. But Slips contributor Nathalie Martin gained access to this population in Albuquerque, New Mexico, interviewed 50 immigrants, and recently published a paper that provides an important glimpse into how this population handles money and finances.

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Pari Passu Closing Ceremonies Quote Parade

02/19/16

Supplementing Mark's post, here are the many magic words, in order of their appearance in the Order ... reliving the saga like it was yesterday.

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And... That's A Wrap. (Maybe?)

02/19/16

"Put simply, President Macri's election changed everything." So sayeth Judge Griesa, according to Bloomberg, which reports that he will lift the injunction once Argentina repeals laws blocking payment on defaulted debt.

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Pari Passu Endgames: Now With Even More Unequal Treatment!

02/19/16

The ending of the pari passu saga was destined to be somewhat messy, if only because it would force the court to confront the fundamental illogic of the injunction. If we accept that each holder of bonds untendered in the 2005 and 2010 exchanges has a contractual right to equal treatment, then any settlement with less than 100% participation can be blocked by holdouts, who are, after all, denied equal treatment when settling bondholders get paid. And there are further wrinkles.

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