Full Description
Corporate debt in emerging markets (EMs) has reached historical levels in the post-Covid-19 world. This challenges international lenders (e.g., commercial banks, development finance institutions, and impact investors) and EM economies in their pursuit of economic development. This book builds on the authors' first volume by focusing on the role of institutions in the economy, credit markets, and ultimately debt restructuring. The authors identify, contextualize, and evaluate the major challenges confronting restructuring professionals in EMs, offering "ten observations" on the major differences for the practitioner in the restructuring environment of EMs versus that of advanced economies. The authors present four detailed EM case studies (following these with counterfactuals) reflecting these ten observations. The authors also explore the main elements of an effective EM insolvency framework as relevant to the restructurer's choice whether to pursue a formal versus an informal solution. Written for restructuring professionals by restructuring professionals, this book explores the factors which drive success—or failure—in EM debt restructuring.
Contents
Part I. Fundamentals.- Chapter 1. Reprise - The Five Phases of Restructuring.- Chapter 2. Debt Distress in the EMs.- Chapter 3. Ten Observations - Corporate Debt Restructuring in the EMs.- Part II. Application.- Chapter 4. Case 1 - Horizon Bank.- Chapter 5. Case 2 - Global Agri-Solutions.- Chapter 6. Case 3 - Enterprise Bank.- Chapter 7. Case 4 - New Media Corporation.-Chapter 8. The Case Studies and the Ten Observations.- Part III. Implications.- Chapter 9. When the World Goes Awry.- Chapter 10. Restructuring Strategy: Nash meets Lorenz and Freud.-Chapter 11. The Practitioner's Assessment of an Emerging Markets Insolvency Framework.- Chapter 12. Closing Remarks.
