International treaties take years to complete as it is, so imagine the complexities at play in a hypothetical international insolvency treaty. But at least people are starting to talk about it.
On Friday, at the International Global Restructuring Organization’s annual conference in Modena, Italy, Chief New York Bankruptcy Judge Cecelia Morris will speak about the bankruptcy of the city of Detroit, insolvency risk in Puerto Rico and the ongoing problems in Argentina. Judge Morris told Bankruptcy Beat that while formal international insolvency agreements related to sovereign states may be a few years off, getting the restructuring experts in the same room as the financial players is a huge part of moving closer.
“Financial people want to know that they’re protected,” Judge Morris said.
October 23, 2014
Chief Judge Morris Scheduled to Address GRO
U.S. Bankruptcy Court Chief Judge Cecelia G. Morris will address the Global Restructuring Organization (GRO) Association’s annual Global Restructuring Conference in Modena, Italy about the need for an international framework for sovereign insolvency situations. This year’s conference will focus on growth and investments. Chief Judge Morris’ presentation, entitled “The Detroit Default, the Risk of Insolvency in Puerto Rico and the Argentinean Issue, addresses implications for investors and governments. Chief Judge Morris is one of the founders of GRO, a European restructuring industry group that aims to start a global conversation about how to deal with sovereign debt. Kevyn Orr, Emergency Manager of the City of Detroit and former Jones Day Partner, will also speak. The GRO’s mission is to foster research and discussion of the main topics related to business growth and development, crisis, restructuring processes and the role of the several players involved in the value chain: banks, judges, entrepreneurs and managers, practitioners, advisory firms, law firms, universities, etc. The organization also strives to compare legal options and best practices adopted in other countries.