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Another issue discussed in the literature is the conflict of interest among multiple creditors (Blazy and Chopard 2004) or the problems due to multiple classes of creditors (Bulow and Shoven 1978; White 1989; Gertner and Scharfstein 1991).
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Supporters warned that if the measure failed to pass before 1 July, the island would face multiple lawsuits from unpaid creditors and could be forced to further cut essential services.
However, different lenders have different policies, and creditors look at multiple factors when determining your credit eligibility.
Some lenders and creditors will want to see multiple years of proof of income.
Bail-in policies are appearing in multiple countries directing failing TBTF banks to convert the funds of "unsecured creditors" into capital; and those creditors, it turns out, include ordinary depositors.
In court documents, Mr. Orr said that unions declined to bargain on behalf of the 21,000 municipal retirees and that multiple lawsuits filed against him and the governor proved resistance from some creditors.
"The process for enabling third parties to come in and bid won't be carved in stone before the creditors' committee is consulted," the executive said, adding that there would probably be multiple rounds of bidding.
With multiple debts subject to a slew of sometimes-contradictory laws in different jurisdictions, a basic formula for adding the votes of creditors – which supporters of a market-based approach have promoted – would do little to resolve complicated bargaining problems.
Creditors beware.
Creditors eagerly await payment.
Creditors phoned.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com