Creditor-debtor engagement in one form or another has been a feature of many sovereign debt restructurings. In some cases, debtor-creditor engagement has been formalized and took the specific form of creditor committees. Views differ considerably on the merits and demerits of CCs, and on the level of prescription and detail that is desirable from a policy perspective. The incentives of the main actors in sovereign debt also differ with respect to creditor engagement, particularly as regards ex ante contractual clauses. The article focuses on the possible content of creditor-debtor engagement. Creditor-debtor engagement can take four main forms: (i) the insertion ex ante of contractual clauses in bond documentation for creditor committees (CCs); (ii) ex ante best practices for formal creditor committees; (iii) ex ante best practices for engagement between creditors and debtors or (iv) ex post agreement between the debtor and creditor on creditor engagement or CCs.

中文翻译：

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正式化或不正式化：债权人-债务人参与主权债务重组

以一种或另一种形式出现的债权人-债务人参与一直是许多主权债务重组的一个特征。在某些情况下，债务人与债权人之间的接触已经正式化并采取了债权人委员会的特定形式。对于 CCs 的优点和缺点，以及从政策角度来看所需要的规定和详细程度，意见有很大不同。主权债务主要参与者的动机在债权人参与方面也有所不同，特别是在事前合同条款方面。本文重点讨论债权债务约定的可能内容。债权人-债务人的参与可以采取四种主要形式：(i) 在债权人委员会 (CC) 的债券文件中事先插入合同条款；(ii) 正式债权人委员会的事前最佳做法；