The Emerging Markets Restructuring Journal: Issue No. 2, Fall 2016

Welcome to the second issue of The Emerging Markets Restructuring Journal, a publication that was founded by Cleary Gottlieb lawyers and features contributions from colleagues and advisors around the world, focusing on emerging markets restructuring law and practice.

As markets continue to react to the U.S. presidential election, the Brexit vote in the UK and the surge in populist politics in Europe, these events suggest that we may have come to a turning point in the popular acceptance of globalization in the West. If the developed economies turn inwards, this will have repercussions in the emerging markets, as will the secondary effects of the U.S. elections, such as depreciating currencies and increasing interest rates, all of which will put pressure on emerging markets companies and sovereigns with international indebtedness.

As with the first edition, we hope you will find the articles in this issue of The Emerging Markets Restructuring Journal informative in their exploration of developing areas of law and the practical applications of new legal frameworks.

We encourage you to email Polina Lyadnova (plyadnova@cgsh.com), Adam Brenneman (abrenneman@cgsh.com), Sui-Jim Ho (jho@cgsh.com) or our managing editor Denise Filauro (dfilauro@cgsh.com) with comments, questions and, of course, submissions for subsequent issues. You can also send any questions or suggestions to emrj@cgsh.com.

Please see this issue’s full table of contents below, and click to download a PDF version of the journal. (The debut issue is available here.)

• “Distressed Debt Investing in India—The Use of Debt Aggregation Vehicles,” by Nikhil Narayanan (Khaitan & Co.)
• “Legislation Watch/Middle East: Saudi Arabia Set to Welcome New Insolvency Law,” by Reem Gasir and Mariam Al-Alami (Cleary Gottlieb)
• “New Ukranian Debt Restructuring Law: Upgrading the Parties’ Pre-Insolvency Toolkits,” by Andriy Nikiforov and Serhiy Mykhaylyk (Kinstellar)
• “Emerging Market Sovereigns’ Frequent Indulgence for their Quasi-Sovereigns,” by Charles-Antoine Wauters and Patrick Esteruelas (EMSO Asset Management)
• “The Nuts and Bolts of Uruguayan Insolvency and Bankruptcy Laws,” by Hector Ferreira (Hughes & Hughes)
• “DealNews/Restructuring Chile’s Automotores Gildemeister,” by Alejandro Canelas Fernandez (Cleary Gottlieb)
• “Singapore: A Restructuring Entrepôt,” by Manoj Pillay Sandrasegara, Smitha Menon and Harold Foo (Wong Partnership)
• “Is Debtor-In-Possession Financing Even Possible in Peru?” by José Jiménez and Daniel Gonzáles (Rebaza, Alcázar & De Las Casas)
• “Deal News/Multi-Jurisdiction: China Fishery Bankruptcy Saga Continues between Peru, Hong Kong and U.S.,” by Matthew J. Livingston (Cleary Gottlieb)
• “Reframing the Picture: Debt Restructuring Options for Local Players in the Nigerian Oil and  Gas Industry,” by Damilola Salawu and Maryam Olawunmi Oyebode (Olaniwun Ajayi)
• “S.D.N.Y. Court Watch: Out-of-Court Deals Post-Marblegate & Caesars,” by Lev Breydo (Cleary Gottlieb)
• “Restructuring Emerging Markets High Yield Bonds: An Issuer’s Roadmap,” by Carlo de Vito Piscicelli and David Billington (Cleary Gottlieb)