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The Argentine Collective Action Clause Controversy (La Controversia Argentina sobre las Cláusulas de Acción Colectiva)

English Abstract: Argentina is once again seeking to restructure its external debt. To facilitate this process, the country is proposing to use the state-of-the-art collective action clause that was included in the bonds Argentina started issuing in the Spring of 2016. When it uncloaked its restructuring offer to creditors in April of this year, however, Argentina sought the consent of bondholders to amend those clauses in ways that have sparked an outcry from certain of those holders. At stake in this controversy is the question of which version of a collective action clause will be incorporated in future bonds issued by sovereign borrowers. 
 
Spanish Abstract: Las clausulas de accion colectiva (“CACs”) son disposiciones contractuales que permiten a una mayoria o a una mayoria calificada de tenedores de un instrumento de deuda con multiples acreedores, tales como un bono, tomar decisiones que obliguen a todos los tenedores de ese mismo instrumento. Aclamadas como una tecnica innovadora para facilitar la reestructuracion de deuda soberana en este siglo, las CACs se han convertido en el objeto de una amarga disputa en la propuesta de reestructuracion de la deuda en bonos de la Republica Argentina este ano 2020.