In this bulletin, we evaluate the use of schemes of arrangement and consent solicitations / exchange offers as alternative mechanisms of delivering a bond restructuring. We outline the nature of distressed exchange offers before taking a closer look at:
- the Edcon and Ukraine restructurings;
- the pros and cons of schemes vs. exchange offers;
- setting consent thresholds for exchange offers; and
- the possibility of twin-tracking a scheme with an exchange offer.
This bulletin builds on our series of scheme hot topics bulletins earlier this year, available here.
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