Recent court decisions in New York concerning Argentine debt have raised serious questions about whether the pari passu clause used in much internationally placed sovereign debt documentation may constitute a serious obstacle to future debt restructurings. This program brings together prominent representatives of multilateral institutions, government, market participants, academics and practitioners to examine the New York decisions, evaluate the risk of "contagion" from New York to other laws and debate whether a change in the wording of the clause or the use of collective action clauses in sovereign debt instruments present the more promising way to deal with the problem.
PROGRAM
9:00 Welcome
Prof. Dr. Andreas Cahn, Institute for Law and Finance, Frankfurt
9:15 Session I – Pari Passu Clauses and NML v. Argentina
A brief history of Pari Passu clauses and their meaning
Prof. Anna Gelpern, American University, Washington, DC
NML v. Argentina, Part I: What did the Second Circuit decide and what chances for Supreme Court review
James L. Kerr, Davis Polk & Wardwell LLP, New York
NML v. Argentina, Part II: What consequences for sovereign debt restructurings
Lee Bucheit, Cleary Gottlieb Steen & Hamilton LLP, New York
11:00 Coffee Break
11:30 Session II – Could this happen here: chances of contagion
English Law
Lachlan Burn, Linklaters LLP, London
German Law
Dr. Boris Kasolowsky, Freshfields Bruckhaus Deringer LLP, Frankfurt
Afternoon Session: Are CACs the solution?
13:45 CACs
European Approach and German Perspective
Dr. Klaus-Michael Happe, Ministry of Finance, Berlin
The IMF’s View
Sean Hagan, General Counsel, International Monetary Fund, Washington DC
The European Central Bank's View
Otto Heinz, European Central Bank, Frankfurt
The Market’s View
Leland Goss, International Capital Markets Association, London
Christian Kopf, Spinnaker Capital, London
15:30 Coffee Break
16:00 Round-up panel: is the solution a better pari passu clause or a single trigger aggregation clause
Summary and conclusion
Dr. Klaus-Albert Bauer, Freshfields Bruckhaus Deringer LLP, Frankfurt
Patrick Kenadjian, Davis Polk & Wardwell LLP, London
Date: 14.11.2013
Time: 09:00–17:30
Place: House of Finance, Goethe-Universität Frankfurt am Main, Campus Westend, Grüneburgplatz 1, 60323, Frankfurt am Main
Terms & Conditions:
Upon receipt of your registration you will receive an invoice for the registration fee of EUR 350 (ILF Sponsors: EUR 220). VAT is not applicable. Payment must be received prior to the conference. Registration fee includes lunch and coffee breaks. The ILF reserves the right to make changes to the program or cancel the conference. The registration fee will be refunded in case of cancellation
If you wish to attend the conference, please register at http://anmeldung.ilf-frankfurt.de
