Hedge Funds Call in Top Lawyer to Restructure Sudanese Debt

A group of hedge funds has hired one of the world’s most prominent sovereign debt lawyers in the hope of restructuring up to $8bn in Sudanese debt if the former pariah state’s relations with the US continue to improve, the Financial Times reported. Lee Buchheit, a senior partner at law firm Cleary Gottlieb, has been brought on board to advise a clutch of London-based funds who are owners of unpaid debt that has been racking up interest since the 1980s. His reputation for antipathy towards so-called vulture funds has made him a key pick for clients keen to signal that they are seeking a fair deal. Sudan has spent more than two decades in the geopolitical wilderness. Frozen out of global capital markets by US sanctions, the government has missed out on booming demand for African sovereign bonds in the past 10 years. Its presence on a US list of state sponsors of terrorism alongside Iran, Iraq, Syria and North Korea has added to the financial pain, disqualifying Sudan from potential debt relief. Read more