Due to time constrain and uncertainties in getting payment through litigation, the sovereign creditors and the debtor prefer restructuring to litigation upon default. However, all the creditors may not agree on restructuring. Some of them may go for enforcement despite the detrimental effects on the restructuring process. After the experience of the sovereign debt crisis in several states, many legislative and contractual proposals were submitted and none of them achieved the desired success. This paper explores the challenges of the restructuring process and the national and international initiatives to mitigate these obstacles, especially the Collective Action Clauses (CACs). The findings express a skeptical view of the effectiveness of CACs to reduce the impediments in the restructuring process. Its overriding effect of majority debtholders’ decisions on exit or stay increases the borrowing costs for the state because of the decrease in the independent decision-making power of the creditors.

中文翻译：

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对优化重组的国际和合同措施的严格审查

由于诉讼获得偿付的时间限制和不确定性，主权债权人和债务人更倾向于重组而不是违约诉讼。但是，并非所有债权人都同意重组。尽管对重组过程产生不利影响，但其中一些可能会被强制执行。几个国家经历主权债务危机后，提交了许多立法和合同提案，但都没有取得预期的成功。本文探讨了重组过程中的挑战以及缓解这些障碍的国家和国际举措，尤其是集体行动条款 (CAC)。调查结果对 CAC 在减少重组过程中的障碍方面的有效性表示怀疑。