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The Journal of Structured Finance

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Primary Article

Project Finance Restructurings and Corporate Debt Restructurings in the Emerging Markets

A Comparative Overview

Steven T. Kargman
The Journal of Structured Finance Winter 2003, 8 (4) 35-48; DOI: https://doi.org/10.3905/jsf.2003.320292
Steven T. Kargman
Counsel with the Export-Import Bank of the United States in Washington, DC
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Abstract

Both project finance and corporate debt restructuring activity in the emerging markets have been increasing sharply in recent years. This article highlights contrasts and similarities between the two. There are contrasts in timing expectations, the nature of negotiations with the debtor, the fundamentals of the debtor's creditworthiness, the nature of standstills, and the central focus of the restructuring exercise. There are often similarities as well such as the key role of strategy in managing the restructuring process, the requirement for effective creditor coordination, the possibility of gaining additional security, efforts to simplify the creditor approval process, the way the negotiation process is driven by recovery expectations of key parties, the importance of early intervention, and the challenge of arranging interim financing.

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The Journal of Structured Finance
Vol. 8, Issue 4
Winter 2003
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Project Finance Restructurings and Corporate Debt Restructurings in the Emerging Markets
Steven T. Kargman
The Journal of Structured Finance Jan 2003, 8 (4) 35-48; DOI: 10.3905/jsf.2003.320292

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Project Finance Restructurings and Corporate Debt Restructurings in the Emerging Markets
Steven T. Kargman
The Journal of Structured Finance Jan 2003, 8 (4) 35-48; DOI: 10.3905/jsf.2003.320292
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