LAUSR

The design of corporate debt restructuring frameworks requires careful attention. However, the existing literature is extremely limited in its coverage of considerations relating specifically to the restructuring of corporate bonds. Issuance of corporate bonds by firms in emerging market economies has expanded significantly in recent years, and restructurings dealing with such bonds are likely to be much more numerous in the future. In this light, the article first outlines key features of corporate bonds, and discusses the nature of engagement with bondholders as a stakeholder group in the restructuring context. It then sets out considerations regarding the design of restructuring frameworks in emerging market economies relating to corporate bonds, explaining their importance in the design of such frameworks.