Publication
Feb 2015
This paper discusses the International Capital Market Association’s consultative process to develop new, aggregated collective action clauses (CACs). The author also analyzes the effect of the new clauses in reducing holdout activity and discusses the use of bondholder meetings and exchange offers to accelerate the conversion of outstanding debt stocks into the new format.
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English (PDF, 21 pages, 385 KB) |
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| Author | Gregory Makoff, Robert Kahn |
| Series | CIGI Papers |
| Issue | 56 |
| Publisher | Centre for International Governance Innovation (CIGI) |
| Copyright | © 2015 Centre for International Governance Innovation (CIGI) This work is licensed under a Creative Commons Attribution — Non-commercial — No Derivatives License 3.0. |