Restructuring and redenomination

Indra Rajaratnam

15.1 INTRODUCTION

This chapter concentrates on restructuring as a credit event, which can be traded on the basis of “no restructuring”, “full restructuring” or “M(M)R Restructuring” (where either modified restructuring (“Mod R”) or modified modified restructuring (“Mod Mod R”) is applicable to a transaction). As discussed in Chapter 10 (on Obligations and deliverable obligations), where an “M(M)R Restructuring” applies, there are additional constraints relating to deliverable obligations, namely maturity limitations and the types of obligations that can constitute a Deliverable Obligation. This chapter begins with a brief overview of the key foundational and interpretive principles relating to a restructuring. Each of the conditions that must be satisfied for a restructuring to occur are then examined, and for this a synthesis of the events that occurred with respect to one of the largest sovereign restructuring in relation to the Hellenic Republic is provided. The chapter concludes with the conditions that must be satisfied for a redenomination restructuring to occur and, in the redenomination section, an evaluation of the status of a redenominated obligation as an Obligation

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