## Private Bond Restructurings: Lessons for the Case of Sovereign Debtors

_IMF Working Papers, February 1, 1996_

## Source details

**Canonical URL:** [Private Bond Restructurings: Lessons for the Case of Sovereign Debtors](https://www.imf.org/en/publications/wp/issues/2016/12/30/private-bond-restructurings-lessons-for-the-case-of-sovereign-debtors-1986)

## Other formats

- [Markdown version](/en/publications/wp/issues/2016/12/30/private-bond-restructurings-lessons-for-the-case-of-sovereign-debtors-1986/index.md)
- [Structured JSON version](/en/publications/wp/issues/2016/12/30/private-bond-restructurings-lessons-for-the-case-of-sovereign-debtors-1986/index.json)
- [Bundle manifest](/en/publications/wp/issues/2016/12/30/private-bond-restructurings-lessons-for-the-case-of-sovereign-debtors-1986/bundle-manifest.json)

## Bibliographic details
- Authors: Marco A. Piñón-Farah
- Published: February 1, 1996
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781451926064.001

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### Summary
- This paper reviews recent experience with both sovereign and private bond restructurings.
- It summarizes the literature on private bond restructurings.
- It describes the “typical” process for a voluntary exchange of new bonds for existing obligations.
- From this information some conclusions are drawn as to the possibility of concluding voluntary restructuring agreements for sovereign bonds within relatively short periods of time.

### Major themes and analysis
- Review of recent experience
  - Comparative examination of sovereign bond restructurings and private bond restructurings.
- Literature synthesis
  - Summarizes extant literature on private bond restructurings and related concepts.
- Typical voluntary exchange process
  - Describes the procedural steps involved in a voluntary exchange of new bonds for existing obligations.
- Conclusions on feasibility and timing
  - Draws conclusions regarding the possibility of concluding voluntary restructuring agreements for sovereign bonds within relatively short periods of time.

### Subjects and keywords (as listed)
- Subjects:
  - Asset and liability management
  - Bonds
  - Common stocks
  - Corporate bonds
  - Debt restructuring
  - Financial institutions
  - Sovereign bonds
- Keywords:
  - adverse selection
  - bond
  - bond exchange offers
  - bond issue
  - bondholder
  - bondholder committee
  - Bonds
  - Common stocks
  - company
  - Corporate bonds
  - debt
  - Debt restructuring
  - exchange offer
  - fixed interest rate
  - holdout bondholder
  - market value
  - seaman furniture Co
  - Sovereign bonds
  - targeted bondholders class
  - WP

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_Source: https://www.imf.org/en/publications/wp/issues/2016/12/30/private-bond-restructurings-lessons-for-the-case-of-sovereign-debtors-1986_