Emerging Markets Debt Restructuring

Richard Marney is a senior advisor for risk management at responsAbility Investments (Zurich). He previously served from 2014 to 2019 as the firm's chief risk officer. Prior to responsAbility, he had a broad and varied 40-year career in emerging and frontier markets banking and principal investing, with senior-level business and corporate development, risk management, and operating roles, including with BNY-Mellon and JP Morgan. He currently sits on multiple boards of directors in the emerging markets, including the African Guarantee Fund, Finca Armenia, MikroKapital Romania, MikroKapital Moldova, and Oasis Credit, Uzbekistan, and serves as an advisor and investment committee member to the Beacon Fund, Vietnam. He is a graduate of the Johns Hopkins University, Nitze School of Advanced International Studies, and University College London, with a specialty in development economics.

Timothy Stubbs is a partner with the global law firm Dentons based in London. Tim has worked on emerging markets transactions with Dentons (and its legacy firm Salans) since 1992, having previously practiced law in Chicago and New York. Tim also worked for two years in the Office of General Counsel of the European Bank for Reconstruction and Development (EBRD) in London on working sabbatical. Tim has led numerous debt restructurings as well as financings of all types, including bilateral and syndicated lending, real estate finance, and project finance.

Part I. Fundamentals.- Chapter 1. Reprise - The Five Phases of Restructuring.- Chapter 2.       Debt Distress in the EMs.- Chapter 3. Ten Observations - Corporate Debt Restructuring in the EMs.- Part II. Application.- Chapter 4. Case 1 - Horizon Bank.- Chapter 5. Case 2 - Global Agri-Solutions.- Chapter 6. Case 3 - Enterprise Bank.- Chapter 7. Case 4 - New Media Corporation.-Chapter 8. The Case Studies and the Ten Observations.- Part III. Implications.- Chapter 9.            When the World Goes Awry.- Chapter 10. Restructuring Strategy: Nash meets Lorenz and Freud.-Chapter 11. The Practitioner's Assessment of an Emerging Markets Insolvency Framework.- Chapter 12. Closing Remarks.