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International arbitration report

Welcome to issue 9 of Norton Rose Fulbright’s International arbitration report. In this issue, we feature the exciting topic of innovation and disruption in international arbitration. We review the procedural and technological advances that are, or soon will be, changing international arbitration and dispute resolution more generally. Our lawyers track the global trends, risks and opportunities in this changing landscape. In our jargon-busting guide, we outline the most-hyped legal technologies such as Artificial Intelligence, Blockchain Technology and Smart Contracts.
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Restructuring Global Insight: Distressed hospital bankruptcy sales – 4 questions to ask | insolvent acquisitions in fashion retail | Chinese companies & offshore debt | & more

Welcome to issue 11 of Global Insight, bringing you breaking legal developments in restructuring law across borders and in jurisdictions around the world. This issue features: GUEST ARTICLE ■ Chinese companies and offshore debt AMERICAS ■ Bankruptcy sales for distressed hospitals: four questions to ask before you begin ASIA PACIFIC ■ Mirabela Nickel restructuring – an Australian first ■ China Credit – relaxation of restrictions on cross-border security ■ Cross-border insolvencies – recognition of foreign liquidators in Hong Kong CONTINENTAL EUROPE ■ New insolvency law in Romania – a step
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Restructuring in Croatia - Hard Choices for Lenders

by DLA Piper - Jasna Zwitter-Tehovnik, Partner and Joze Vranicar, Associate During the 1990s and up to the beginning of the recent financial crisis, the economies of Central and Eastern European countries experienced rapid growth. The privatisation of state-owned industries and the general opening-up of the market attracted foreign investment. Austrian banks invested heavily in the area and as a result, now hold a significant number of non-performing loans, secured on assets located within the CEE.
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Some Lessons for Distressed Debt Participants from the Argentina-NML Dispute

The continuing saga between the Republic of Argentina and a hold out group of investors led by NML Capital, an affiliate of Elliott Management in New York, in relation to sovereign bonds issued by Argentina is a fascinating display of what can happen when a well-funded creditor is dissatisfied with the settlement offered by a distressed debtor.
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Jones Day EuroResource - Deals and Debt | 30 June 2014

Global—On 16 June 2014, despite the Republic of Argentina's warning that it may once again be forced to default on its sovereign debt, the US Supreme Court denied Argentina's petition seeking review of lower court rulings that: (i) construed pari passu, or equal footing, clauses of a bond indenture to prohibit Argentina from making payments to bondholders who participated in 2005 and 2010 debt restructurings before it pays US$1.4 billion to holdout bondholders (see NML Capital, Ltd. v. Republic of Argentina, 699 F.3d 246 (2d Cir.
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Argentina Takes Its Debt Case to the U.S. Supreme Court

Argentina has now staked the future of its debt, and perhaps its financial fate, with the United States Supreme Court. Yes, you read that right. Argentina wants the nine justices to weigh in on a case involving its obligations to holders of its government bonds and to resolve the mess created by a handful of federal judges, The New York Times DealBook blog reported. The roots of the case go back to 2001, when Argentina, in the midst of a severe economic downturn, defaulted on $80 billion of government bonds.
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