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Corporate & Securities partner Jason T. Elder is quoted in this article about China issuing offshore debt rules.

"Practically speaking, the offshore capital markets will be closed for issuers in default unless the issuance relates to a restructuring plan or distressed liability management exercise designed to cure the default," says Jason, adding "The allowance for a defaulted issuer to proceed with an issuance could benefit an issuer seeking to restructure debt incrementally, for example for one category of creditors or one tier in the capital structure. For that approach, these modified rules would be beneficial in allowing that limited issuance to proceed, which could ultimately support a wider restructuring effort."