News Topic: Sovereign Debt

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. ... Read full article

Mark Weidemaier & Mitu Gulati ... Read full article

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. ... Read full article

Mitu Gulati & Mark Weidemaier ... Read full article

Mitu Gulati & Mark Weidemaier More and more creditors are filing lawsuits against Venezuela, and we had been planning to do a post on how the dominos were falling.  ... Read full article

The Congo held elections yesterday; elections that the ruling party has kept finding excuses to postpone over the past two years.  International pressure though, forced them to be held (although in an incomplete fashion).  Now, the question is whether the ... Read full article

Last Monday, December 3, the First Circuit heard an oral argument that I have been looking forward to for ages.  The case involves an infamously aggressive hedge fund making an audacious challenge to the constitutionality of the Puerto Rican Control ... Read full article

Venezuela began defaulting on its bonds about fifteen months ago and is now in default on almost all of its outstanding bonds (except one that is backed by collateral).  The creditors, for these many months, have shown remarkable forbearance in refraining ... Read full article

For those of you, who like me have been following the Puerto Rican debt drama, this wonderful new book by Sam Erman of USC might be of interest.  There are many wonderful and insightful stories in this book that I was altogether unaware of, despite having ... Read full article

The 1MDB case has been on the front pages of the financial papers on a number of occasions recently. The reason: The US justice system is investigating the scam and senior executives from everyone’s favorite ethical investment back, Goldman Sachs, ... Read full article

Ukraine and Russia have been battling it out in English courts over whether Ukraine must repay a $3 billion Russian loan from 2013. The loan was unusual both in structure and in substance . ... Read full article

In an earlier post , I noted some open questions that had to be answered before Crystallex could execute on PDVSA’s 100% ownership stake in PDV Holding (PDV-H). ... Read full article

I have had a bit of time to digest the district court’s ruling that PDVSA is Venezuela’s alter ego, and here are some preliminary thoughts. The opinion is 75 pages and covers a lot of ground, but I’ll focus on perhaps the most important and least ... Read full article

Just a quick post for now, as the court is keeping its opinion under seal for the time being. Crystallex, a creditor of Venezuela, has been trying to enforce its claims by attaching PDVSA's equity interest in PDV Holding, the ultimate U.S. parent of ... Read full article

In June 2018, the U.S. Supreme Court decided Sveen v. Melin , a case applying Contracts Clause* jurisprudence to a state revocation-on-divorce statute and preexisting insurance contract. It isn't like the Supreme Court hears a Contracts Clause case ... Read full article

Though none of it is earth-shaking, there has been a lot of news out of Venezuela recently, so it seemed an appropriate time for an update. The election looms. ... Read full article

Mitu Gulati and Mark Weidemaier ... Read full article

Mitu Gulati and Mark Weidemaier Earlier, we posted about whether holders of Venezuelan bonds would be better off accelerating  and obtaining judgments sooner rather than later. In a nutshell, here was the point: ... Read full article