Perspectives on Sovereign Debt Restructuring

Columbia University

November 17,2014

Richard A. Conn Jr.

Managing Partner

Innovate Partners, LLC

Imagine Final Desired Position and Seek Consensus Today

Status Quo: Iterative process of contract language development and enforcement.

SDR Services: Internationally respected mediators to resolve disputes and centralize discussion of SDR issues.

Impartial Tribunal: With power to rapidly apply and enforce broadly accepted substantive law. Binding arbitration model most likely.

Hybrid of the above: Allows interested parties to pursue tracks simultaneously and cooperatively

Consider and Discuss Critical Issues Regarding Impartial Tribunals and Substantive/Procedural Law

Legitimacy and Perception of Fairness in preparation of proposal and proposal itself.

Take into account political realities, non-western perspectives and corruption to fashion realistic proposals.

Utilize/modify existing models and codes. Focus upon tribunal enforcement mechanisms that encourage

responsible borrowing and improvement in borrower’s domestic environment on front end.

Adopt Action Plan

Working Groups Time Lines Target Practice