Key points

• This article describes the innovative reading of the ICMA CACs to permit ‘re-designation’ and the sequential use of collective action clauses (ie, the ‘Pac-Man’), that came to light in the Argentine and Ecuadorian 2020 debt restructurings, as well as the adjustments to the contractual clauses introduced by each of these two countries to address concerns expressed by the creditor community.
• The article argues that the use of the re-designation and Pac-Man features, as adjusted, strengthen the contractual mechanism to restructure sovereign debt published by the International Capital Markets Association.
• Finally, the article highlights persisting problems in the architecture of collective action clauses.

中文翻译：

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工作中的 CAC：下一步是什么？阿根廷和厄瓜多尔 2020 年债务重组的教训

关键点

• 本文描述了 ICMA CAC 的创新解读，以允许“重新指定”和集体行动条款（即“吃豆人”）的顺序使用，这在阿根廷和厄瓜多尔 2020 年债务重组中曝光，如以及这两个国家为解决债权人群体表达的关切而对合同条款进行的调整。
• 文章认为，调整后的重新命名和吃豆人特征的使用加强了国际资本市场协会发布的重组主权债务的合同机制。
• 最后，文章强调了集体行动条款架构中存在的问题。