Public companies that wish to pursue restructurings of outstanding debt must address a number of legal and business issues prior to launching any restructuring. This is particularly true for restructurings of convertible debt, which can be more complicated to structure and complete than restructurings of non-convertible debt. Developments over the last several years have provided more clarity with respect to certain of the restructuring issues issuers face with convertible debt. In this article, we review these developments by suggesting some initial questions any issuer should address in pursuing a restructuring, discussing recent developments with respect to these issues and providing an overview of implementation issues with respect to any convertible debt restructuring. For your convenience, we've provided this guidance both in a brief overview and in a full analysis.
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This article was originally published by Bingham McCutchen LLP.