Consider An English Alternative To Ch. 11

Law360, New York (January 17, 2014, 5:59 PM EST) -- In the United States, a nonconsensual financial restructuring poses a very expensive problem for borrowers. Borrowers, whether under a credit agreement or an indenture, will either have to give in to the demands of nonconsenting lenders or attempt to cram them down through a Chapter 11 bankruptcy case — either option comes at a significant cost. An English scheme of arrangement may offer a third, more cost-effective option for some U.S. borrowers to consider.

The rise, in recent years, of a secondary debt trading market has...
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