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      "text": "This note follows the Wilton Park conference(*) on “Emerging markets in debt distress: exploring options for debt restructuring”, held 13 – 15 September 2023. The event gathered high level private and public sector representatives as well as experts from outside government, in a participatory dialogue to discuss the challenges facing emerging market countries in debt distress and to identify solutions for more efficient and effective debt restructuring processes.",
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      "text": "It should be noted that these themes have been raised and discussed at other fora / events in the past and is complementary to the efforts being made by the G20 and Global Sovereign Debt Roundtable (GSDR), in particular. It is acknowledged that these themes may be simple in concept to understand but they are complex to resolve as it will require ‘buy-in’ from multiple parties. This note outlines at a high-level potential solutions to help resolve these themes, but will require further consultation from interested parties.",
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      "text": "A small group of Wilton Park attendees from Alvarez & Marsal (financial advisor), BlueBay Asset Management (investor) and White & Case (law firm) worked on this proposal, which emanated from an industry offsite in September 2023. This proposal highlights some of the key themes from the offsite.",
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      "text": "Amongst the issues raised at Wilton Park by the participants were topics in relation to the lengthy process and uncertain timeline of sovereign debt restructurings and it was felt that this could be improved by developing a best practice timeline / process, which could be used by relevant stakeholders as a practical guide for sovereign debt restructurings in the future. Following the event, a small group of participants from Alvarez & Marsal, BlueBay Asset Management and White & Case agreed to discuss and release a proposal outlining a timeline for debt restructuring processes and a set of principles concerning the responsibilities of all stakeholders involved. Before finalization of the note the group hosted a webinar in June 2024 to obtain feedback from the wider group of Wilton Park participants. It should be noted that this document is not attributable to and has not been endorsed by Wilton Park, but it rather expresses the opinions of this small group of Wilton Park participants.",
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