They must show themselves capable of serious reforms before outside creditors can be approached for further debt relief.
Some countries, under some conditions, may put up with seeing their governments so constrained for a while: Italy and Greece (until recently) have had unelected, technocratic prime ministers, in large part as a result of pressure from outside creditors.
Dubai World says its outstanding debts to outside creditors amounted to $14.2 billion at the end of 2009, not counting the money it owes to the Support Fund or the money owed by Nakheel.
Kenneth L. Lay resigned this evening as chairman and chief executive of the Enron Corporation under pressure from outside creditors, nearly two months after his company filed for one of the largest bankruptcies in the history of American business.
A company goes bankrupt when the market (liquidation) value of its assets (K) falls below its debt obligations to outside creditors.
And the answer is nobody really knows, because we've not been at this point before". If opponents hold their ground and keep the ceiling intact, the U.S. could still manage by prioritizing payments, using the remaining cash to pay outside creditors first, Pawlenty said.
The retail industry is buzzing about who outside of former creditors may get a seat on that board, which could end up a coveted spot.
The deal, which still needs to be approved by creditors outside the group, includes a four-year extension on repayments to give Ukraine breathing space.
The company began taking big loans from its subsidiaries, in effect creating a fresh class of creditors outside of the hedge funds — a group under its control, with the rights to approve any bankruptcy plan.
The family is under mounting pressure from a special committee of outside directors, regulators, creditors, Nasdaq and even its own advisers to step down from the board, effectively giving up control, these people said.
