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CACs at work: what next? Lessons from the Argentine and Ecuadorian 2020 debt restructurings
Capital Markets Law Journal  (IF),  Pub Date : 2021-06-02, DOI: 10.1093/cmlj/kmab006
de la Cruz A, Lagos I.

Key points
  • This article describes the innovative reading of the ICMA CACs to permit ‘re-designation’ and the sequential use of collective action clauses (ie, the ‘Pac-Man’), that came to light in the Argentine and Ecuadorian 2020 debt restructurings, as well as the adjustments to the contractual clauses introduced by each of these two countries to address concerns expressed by the creditor community.
  • The article argues that the use of the re-designation and Pac-Man features, as adjusted, strengthen the contractual mechanism to restructure sovereign debt published by the International Capital Markets Association.
  • Finally, the article highlights persisting problems in the architecture of collective action clauses.