Ex-Im Bank v Grenada: Adding Clarity or Confusion?

Abstract

As the first copycat litigation of NML Capital v. Argentina, the case of Export-Import Bank of the Republic of China v. Grenada ("Ex-Im Bank v. Grenada") has implications for the future direction of sovereign debt restructurings. It not only complicates the already muddy pari passu saga by involving official lenders and judgment debts but also potentially exacerbates the holdout problem by marching into a whole new battle over the negative pledge clause. This article offers an analysis of the case, and draws out its policy and practical implications.