The decade and a half of litigation that followed Argentina’s sovereign bond default in 2001 ended with a great disturbance in the Force. A new creditor weapon had been uncloaked: The prospect of a court injunction requiring the sovereign borrower to pay those creditors that decline to participate in a debt restructuring ratably with any payments made to those creditors that do provide the country with debt relief. For the first time holdouts succeeded in fashioning a weapon that could be used to injure their erstwhile fellow bondholders, not just the sovereign issuer. Is the availability of this new weapon limited to the aggravated facts of the Argentine default or has it now moved permanently into the creditors’ arsenal? Only time (and future judicial decisions) will tell. In the meantime, however, sovereigns will occasionally find themselves in financial distress and their debts will occasionally need to be restructured. Venezuela already casts this chilly shadow over the sovereign debt market. If, in a galaxy not too far away, sovereign debt workouts are to have any chance of an orderly completion, a method must be found to neutralize this new weapon. Judging by the secondary market prices of different series of Venezuelan sovereign bonds, large amounts of money are being wagered that it cannot be done.

中文翻译：

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NML诉阿根廷案后重组主权债务

继 2001 年阿根廷主权债券违约之后的十五年诉讼以部队的巨大骚乱告终。一种新的债权人武器已经揭开面纱：法院禁令的前景，要求主权借款人按比例向那些拒绝参与债务重组的债权人支付任何款项，并支付给那些确实为国家提供债务减免的债权人。坚持者第一次成功地制造出一种武器，可以用来伤害他们以前的债券持有人，而不仅仅是主权发行人。这种新武器的可用性是否仅限于阿根廷违约的恶化事实，还是现在已经永久进入债权人的武器库？只有时间（和未来的司法决定）会告诉我们答案。然而与此同时，主权国家有时会发现自己陷入财务困境，其债务有时需要重组。委内瑞拉已经给主权债务市场蒙上了一层阴冷的阴影。如果在不远的星系中，主权债务解决方案有机会有序完成，则必须找到一种方法来抵消这种新武器。从委内瑞拉不同系列主权债券的二级市场价格来看，大量资金被押注无法完成。