Holdout

A creditor who refuses a restructuring the majority accepted. Where the instrument has no collective action clause and no court process is used, one holdout can defeat a deal everybody else wants.

Where Holdout is explained in depth

The definition above is the short version. These pages put it to work, in the order they use it most:

• Emerging Market Bonds
• Restructuring
• Restructuring plan
• Distressed exchange
• Amend and extend
• Restructuring In Court vs. Out of Court
• The Greek restructuring, 2012

The whole glossary