At-the-Market Restructurings fin.

[Transl]

·At-the-Market Restructurings — Prior to the Russian Federation’s 2000 London Club restructuring, all sovereign restructurings were done on terms that were agreed in principle with a bank advisory committee representing the interests of the affected creditors. Following Russia’s earlier 1998 London Club restructuring, it became apparent that this approach no longer made financial sense, as sovereign debts were increasingly held by non-bank financial institutions.

Реструктуризация на уровне рынка?