Thailand's Financial Restructuring Authority (FRA) is loosely modeled on the U.S. Resolution Trust Corp.., which supervised the liquidation and restructuring of bad loans during America's savings-and- loan debacle of the 1980s.
"Policy makers have to recognize the impossibility of the trilemma of no additional funding, no restructuring of official loans, and no default and exit from the euro".
For months, European officials have been wary of any discussion of private sector involvement in the restructuring of Greek loans before 2013, fearing a negative reaction in the markets.
Together, they engineered what the court papers say was a "complete and comprehensive" restructuring of 40 loans totaling $500 million owed by Sterling's partners and other parts of the empire.
But Lightstone's problems were made worse by the fact that the firm's four lenders had sold the debt in the secondary market to more than 50 creditors, who would have had to agree on any restructuring of the loans.
BRUSSELS — Confronting the looming prospect of a second bailout for Greece, European finance ministers insisted Tuesday on further deficit-cutting efforts from the government in Athens and acknowledged for the first time that the private sector could be included in a restructuring of Greek loans.
A default, meaning at least the restructuring of Greek loans, still looks horribly likely.At which point, EU political leaders will find themselves explaining to voters not just why they had to bail out Greece, but why that money may never be repaid in full, or even at all.
This is a president who encouraged members of Congress to vote for the Troubled Asset Relief Program (Tarp) in 2008 with a promise that he would put bankruptcy cramdown for mortgage debt (allowing restructuring of housing loans for people with distressed mortgages) at the top of his agenda once he took office.
Xerox probably will try to negotiate an extension or restructuring of the loan with its bankers next year.
But Representative Cliff Stearns, Republican of Florida and chairman of the Subcommittee on Oversight and Investigations, replied that when the head of the Energy Department loan guarantee office, Jonathan Silver, testified a month ago, the Democratic lawmakers had been "conspicuously mum" on the question of whether the restructuring of the loan violated the law.
