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Authors: Mohamed Hefnawy, Abdulrahman Al-Majed, Aymen Al-Suwailem

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Enantioseparation of drugs with multiple stereogenic centers is challenging. This study objectives to evaluate the efficiency of different mobilized and/or immobilized polysaccharide-based chiral stationary phases to separate enantiomers of some drugs containing multiple stereogenic centers namely indenolol, nadolol, labetalol. The critical mobile phase variables (composition of organic solvents, acid/base ratios) were carefully studied to compare the retention time and elution order of all isomers. Different chromatographic parameters such as capacity factor (k), selectivity (α) and resolution (Rs) were calculated. Experimental conditions and the possible chiral recognition mechanisms have been discussed.

Keywords: HPLC, polysaccharide columns, enantio-resolution, indenolol, nadolol, labetalol

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Authors: Nouf Alharbi

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The electrospray deposition technique became an important method that enables fragile, nonvolatile molecules to be deposited in situ in high vacuum environments. Furthermore, it is considered one of the ways to close the gap between basic surface science and molecular engineering, which represents a gradual change in the range of scientist research. Also, this paper talked about one of the most important techniques that have been developed and aimed for helping to further develop and characterize the electrospray by providing data collected using an image charge detection instrument. Image charge detection mass spectrometry (CDMS) is used to measure speed and charge distributions of the molecular ions. As well as, some data has been included using SIMION simulation to simulate the energies and masses of the molecular ions through the system in order to refine the mass-selection process.

Keywords: charge, deposition, electrospray, image, ions, molecules, SIMION

Procedia PDF Downloads 133

Authors: Jing Zhao, Yoshiharu Ishikawa, Chuan Xiao, Kento Sugiura

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In order to analyze large-scale scientific data, research on data exploration and visualization has gained popularity. In this paper, we focus on the exploration and visualization of scientific simulation data, and define a spatial V-Optimal histogram for data summarization. We propose histogram construction algorithms based on a general binary hierarchical partitioning as well as a more specific one, the l-grid partitioning. For effective data summarization and efficient data visualization in scientific data analysis, we propose an optimal algorithm as well as a heuristic algorithm for histogram construction. To verify the effectiveness and efficiency of the proposed methods, we conduct experiments on the massive evacuation simulation data.

Keywords: simulation data, data summarization, spatial histograms, exploration, visualization

Procedia PDF Downloads 176

Authors: А. А. Yessekeyeva, А. S. Moldagaliyeva, G. K. Shulanbekova

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The purpose of this article is to describe challenges associated with enhancement of government control over agro industrial sector in order to maintain food security. The need for government control over agricultural industry stems from the fact that the State is accountable to its citizens for establishing their standard living conditions, food and other agricultural product supplies. Agro industrial sector is in a special position within the market place preventing its full and equal participation in an interdisciplinary competition. Low-profit agricultural industry that is dependent on the natural and strongly marked seasonal and cyclical production factors is more underdeveloped in terms of technology and relatively static industry as compared to the manufacturing industry. Therefore, agricultural industry development directly affects food security of the country.

Keywords: food security, agro-industry, Kazakhstan, food security

Procedia PDF Downloads 287

Authors: Young-Kwan Choi, Gang-Wook Shin, Sung-Taek Hong

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Water supply system consumes large amount of power load during water treatment and transportation of purified water. Many energy conserving high efficiency materials such as DC motor and LED light have recently been introduced to water supply system for energy conservation. This paper performed empirical analysis on BLDC, AC motors, and comparatively analyzed the change in power according to DC power supply ratio in order to conserve energy of a next-generation water treatment system called vertical water treatment system. In addition, a DC distribution system linked with photovoltaic generation was simulated to analyze the energy conserving effect of DC load.

Keywords: vertical water treatment system, DC power supply, energy efficiency, BLDC

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Authors: Alan C. Lin, Tran Anh Son

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This study proposes an approach to determine the undercut regions and their releasing directions for slider design of complex parts represented by the file format of STL (STereoLithography). In order to delineate the border of undercut regions, orthogonal cutting planes are firstly employed to automatically find the inner loops of a part model. To discover the facets belonging to undercut regions, attributes are then assigned to the facets of the part model based on the topological relationship of adjacent facets of each inner loop. After that, the undercut regions are separated from other facets in the model. Through the recognized facets of the undercut regions, the concept of 'visibility map (V-map)' is further applied to determine feasible releasing directions for each of the undercut regions. The undercut regions having the same releasing direction are finally grouped to form a slider in the injection mold.

Keywords: solid model, STL data, injection mold design, visibility map

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Authors: Andra Costache, Rădiţa Alexe

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The analysis of the spatial disparities of social marginalization is a requirement in the present-day socio-economic and political context of Romania, an East-European state, member of the European Union since 2007, at present faced with the imperatives of the growth of its territorial cohesion. The main objective of this article is to develop a methodology for the assessment of social marginalization, in order to understand the intensity of the marginalization phenomenon at different spatial scales. The article proposes a social marginalization index (SMI), calculated through the integration of ten indicators relevant for the two components of social marginalization: the material component and the symbolical component. The results highlighted a strong connection between the total degree of social marginalization and the dependence on social benefits, unemployment rate, non-inclusion in the compulsory education, criminality rate, and the type of pension insurance.

Keywords: Romania, social marginalization index, territorial disparities, EU

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Authors: Abdurrahim Dal, Tuncay Karaçay

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Dynamics of a rotor supported by air bearings is strongly depends on the pressure distribution between the rotor and the bearing. In this study, internal pressure in air bearings is numerical and experimental analyzed for different radial clearances. Firstly the pressure distribution between rotor and bearing is modeled using Reynold's equation and this model is solved numerically. The rotor-bearing system is also modeled in four degree of freedom and it is simulated for different radial clearances. Then, in order to validate numerical results, a test rig is designed and the rotor bearing system is run under the same operational conditions. Pressure signals of left and right bearings are recorded. Internal pressure variations are compared for numerical and experimental results for different radial clearances.

Keywords: air bearing, internal pressure, Reynold’s equation, rotor

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Authors: Biplab Singha, Mausumi Sen, Nidul Sinha

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In order to deal with the impreciseness and uncertainty of a system, D. Molodtsov has introduced the concept of ‘Soft Set’ in the year 1999. Since then, a number of related definitions have been conceptualized. This paper includes a study on various forms of Soft Sets with examples. The paper contains the concepts of domain and co-domain of a soft set, conversion to one-one and onto function, matrix representation of a soft set and its relation with one-one function, upper and lower triangular matrix, transpose and Kernel of a soft set. This paper also gives the idea of the extension of soft sets in medical diagnosis. Here, two soft sets related to disease and symptoms are considered and using AND operation and OR operation, diagnosis of the disease is calculated through appropriate examples.

Keywords: kernel of a soft set, soft set, transpose of a soft set, upper and lower triangular matrix of a soft set

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Authors: Avelino Marques, Diamantino Freitas

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Some important electroacoustic systems, like loudspeaker systems, exhibit a nonminimum phase behavior that poses considerable effort when applying advanced digital signal processing techniques, such as linear equalization. In this paper, the position and the number of zeros and poles of the inverse filter, FIR type or IIR type, designed using time domain techniques, are studied, compared and related to the nonminimum phase zeros of system to be equalized. Conclusions about the impact of the position of the system non-minimum phase zeros, on the length/order of the inverse filter and on the delay of the equalized system are outlined as a guide to previously decide which type of filter will be more adequate.

Keywords: loudspeaker systems, nonminimum phase system, FIR and IIR filter, delay

Procedia PDF Downloads 77

Authors: Ali Dorostkar

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In this paper, a basic schematic of fractional dimensional optimization problem is presented. As will be shown, a method is performed based on a relation between roots and tangent lines of function in fractional dimensions for an arbitrary initial point. It is shown that for each polynomial function with order N at least N tangent lines must be existed in fractional dimensions of 0 < α < N+1 which pass exactly through the all roots of the proposed function. Geometrical analysis of tangent lines in fractional dimensions is also presented to clarify more intuitively the proposed method. Results show that with an appropriate selection of fractional dimensions, we can directly find the roots. Method is presented for giving a different direction of optimization problems by the use of fractional dimensions.

Keywords: tangent line, fractional dimension, root, optimization problem

Procedia PDF Downloads 192

Authors: Mirko Sailio

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Border crossing automatization reduces required human resources in handling people crossing borders. As technology replaces and augments the work done by border officers, new cyber threats arise to threaten border security. This research analyses the current cyber threat actors and their capabilities. The analysis is conducted by gathering the threat actor data from a wide range of public sources. A model for a general border automatization system is presented, and its most significant cyber-security attributes are then compared to threat actor activity and capabilities in order to predict priorities in securing such systems. Organized crime and nation-state actors present the clearest threat to border cyber-security, and additional focus is given to their motivations and activities.

Keywords: border automation, cyber-security, threat actors, border cyber-security

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Authors: A. Meydanlioglu, F. Arikan

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In recent years, thanks to the development of information and communication technologies, the computer and internet have been used widely in higher education. Internet-based education is impacting traditional higher education as online components increasingly become integrated into face-to-face (FTF) courses. The goal of combined internet-based and traditional education is to take full advantage of the benefits of each platform in order to provide an educational opportunity that can promote student learning better than can either platform alone. Research results show that the use of hybrid learning is more effective than online or FTF models in higher education. Due to the potential benefits, an increasing number of institutions are interested in developing hybrid courses, programs, and degrees. Future research should evaluate the effectiveness of hybrid learning. This paper is designed to determine the impact of hybrid learning on higher education.

Keywords: e-learning, higher education, hybrid learning, online education

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Authors: Ioana G. Turcan

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reimagined rituals towards unattachment wants to look at an ambiguous loss through the perspective of caregivers, those that accompany us at the beginning and possibly the end of life, those that observe, accumulate, and are impacted by our behavior and needs, but also those that are the witnesses of the human vulnerability. Someone taking care of a patient with dementia experiences ambiguous loss, being in a present of a person partially present, partially absent. The one offering care needs care, not isolation and the aim of the project is to consolidate existing communities or engage other possible ones using performance, storytelling, and other artistic methods. The long-term aim is that with community work, we will manage to co-create rituals in order to help us live with this kind of loss. Looking at them through the lens of different cultures and individuals exercises both the ability to extract the universal essence of a ritual, but also the need and freedom to express the specificity of each situation. To be seen and acknowledged by others, but more importantly, to see oneself from outside with dignity, is very powerful. Oftentimes we forget to express, look and appreciate our own stories, and instead, we choose to outcast them.

Keywords: grief, socio-politics of loss, ambiguous loss, rituals

Procedia PDF Downloads 177

Authors: Jongho Park, Ui-Cheol Shin, Jinwoong Choi, Sungnam Hong, Sun-Kyu Park

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While the numerous structures built the industrialization are aging, the effort for the maintenance is concentrated in many countries. However, the traffic jam, environmental damage, and enormous maintenance cost, and etc become a problem. So, in order to solve this, the modular bridge has been studied. This bridge is the structure which utilizes and assembles the standard precast member. Through this, the substitution of the existing bridge and advantage of the easy maintenance will be achieved. However, the reliability in the long-term behavior is insufficient due to the junction part between modular precast members. Therefore, in this research, the cyclic load loading experiment was performed on the junction and deflection was analyzed by long-term service in modular slab connection. The deflection of modular slab with junction was mostly generated when initial and final test.

Keywords: modular bridge, deflection, cyclic loading, junction

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Authors: Wei Li, Tuo Yang

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In order to satisfy the real-time and accurate requirements of cigarette smoke detection in complex scenes, a cigarette smoke detection technology based on the combination of deep learning and color features was proposed. Firstly, based on the color features of cigarette smoke, the suspicious cigarette smoke area in the image is extracted. Secondly, combined with the efficiency of cigarette smoke detection and the problem of network overfitting, a network model for cigarette smoke detection was designed according to YOLOV3 algorithm to reduce the false detection rate. The experimental results show that the method is feasible and effective, and the accuracy of cigarette smoke detection is up to 99.13%, which satisfies the requirements of real-time cigarette smoke detection in complex scenes.

Keywords: deep learning, computer vision, cigarette smoke detection, YOLOV3, color feature extraction

Procedia PDF Downloads 87

Authors: Yi-Fei Yang, Nai-Bao He, Shao-Bang Xing

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This study investigates the permanent magnet synchronous linear motor (PMSLM) chaotic motion under the specific physical parameters, the stability and the security of motor-driven system will be unavoidably influenced. Therefore, it is really necessary to investigate the methods of controlling or suppressing chaos in PMSLM. Firstly, we derive a chaotic model of PMSLM in the closed-loop system. Secondly, in order to realize the local asymptotic stabilization of the mechanical subsystem and the global stabilization of the motor-driven system including electrical subsystem, we propose an improved uniting control lyapunov functions by introducing backstepping approach. Finally, an illustrated example is also given to show the electiveness of the obtained results.

Keywords: linear motor, lyapunov functions, chao control, hybrid controller

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Authors: Sayed Isahaq Hossain, K. T. Chang, Moustapha Ndour

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Inference of the phreatic line through earth dams is of paramount importance because it could be directly associated with piping phenomena which may lead to the dam failure. Normally in the field, the instrumentations such as ‘diver’ and ‘standpipe’ are to be used to identify the seepage conditions which only provide point data with a fair amount of interpolation or assumption. Here in this paper, we employed high-resolution fiber optic cable sensors (FOCS) based on Raman Scattering in order to obtain a very accurate phreatic line and seepage profile. Unlike the above-mention devices which pinpoint the water level location, this kind of Distributed Fiber Optics Sensing gives us more reliable information due to its inherent characteristics of continuous measurement.

Keywords: standpipe, diver, FOCS, monitoring, Raman scattering

Procedia PDF Downloads 357

Authors: Saad S. Alrwashdeh, Henning Markötter, Handri Ammari, Jan Haußmann, Tobias Arlt, Joachim Scholta, Ingo Manke

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In this investigation, synchrotron X-ray imaging is used to study water transport inside polymer electrolyte membrane fuel cells. Two measurement techniques are used, namely in-situ radiography and quasi-in-situ tomography combining together in order to reveal the relationship between the structures of the microporous layers (MPLs) and the gas diffusion layers (GDLs), the operation temperature and the water flow. The developed cell is equipped with a thick GDL and a high back pressure MPL. It is found that these modifications strongly influence the overall water transport in the whole adjacent GDM.

Keywords: polymer electrolyte membrane fuel cell, microporous layer, water transport, radiography, tomography

Procedia PDF Downloads 179

Authors: Sara Mensou, Ahmed Essadki, Issam Minka, Tamou Nasser, Badr Bououlid Idrissi

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In this paper we present a contribution for the modeling and control of wind energy conversion system based on a Doubly Fed Induction Generator (DFIG). Since the wind speed is random the system has to produce an optimal electrical power to the Network and ensures important strength and stability. In this work, the Backstepping controller is used to control the generator via two converter witch placed a DC bus capacitor and connected to the grid by a Filter R-L, in order to optimize capture wind energy. All is simulated and presented under MATLAB/Simulink Software to show performance and robustness of the proposed controller.

Keywords: wind turbine, doubly fed induction generator, MPPT control, backstepping controller, power converter

Procedia PDF Downloads 189

Authors: Ghandehari-Motlagh, Mohammad

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Purpose: To evaluate of the effect of an ideal fit of RGPs on HOA and keratoconus indices. Methods: In this cohort study, 65 keratoconus eyes with more than 3 lines(Snellen)improvement between BSCVA and BCVA(RGP) were imaged with Pentacam HR and their topometric and Zernike analysis findings without RGP were recorded. After 6 months or later of RGP fitting (Rose-K,Boston XO2), imaging with pentacam was repeated and the above information were recorded. Results: 65 different grades of keratoconus eyes with mean age of 27.32 yrs/old(SD +_5.51)enrolled including M 28(43.1%) and F 37(56.9%). 44(67.7%) with family Hx of Kc and 21(31.25%)without any Kc in their families. 54 (83.1%) with and 11 (16.9%) without any ocular allergy Hx. Maximum percent of age of onset of kc was 15 ys/old(29.2%).This study showed there are meaningful correlations between with and without RGP Pentacam indices and HOA in each grade of Kc.92.3% of patients had foreign body sensation but 96.9% had 11-20 hours/day RGP wear that confirms on psychologic effect of an ideal fit on patient’s motivation. Conclusion: With the three points touch principle of RGP fitting in Kc corneas, the patients will have a decrease in HOA and so delayed need for PK or LK.

Keywords: keratoconus, rigid gas permeable lens, aberration, fitting

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Authors: M. Farhaoui, M. Derraz

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In the drinking water treatment processes, the optimization of the treatment is an issue of particular concern. In general, the process consists of many units as settling, coagulation, flocculation, sedimentation, filtration and disinfection. The optimization of the process consists of some measures to decrease the managing and monitoring expenses and improve the quality of the produced water. The objective of this study is to provide water treatment operators with methods and practices that enable to attain the most effective use of the facility and, in consequence, optimize the of the cubic meter price of the treated water. This paper proposes a review on optimization of drinking water treatment process by analyzing all of the water treatment units and gives some solutions in order to maximize the water treatment performances without compromising the water quality standards. Some solutions and methods are performed in the water treatment plant located in the middle of Morocco (Meknes).

Keywords: coagulation process, optimization, turbidity removal, water treatment

Procedia PDF Downloads 423

Authors: Beom-Seok Ko, Yoo-Seok Kim, Woo-Sung Lim, Ku-Sang Kim, Hyun-Ah Kim, Jin-Sun Lee, An-Bok Lee, Jin-Gu Bong, Tae-Hyun Kim, Sei-Hyun Ahn

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Background: Breast conserving surgery (BCS) followed by radiation therapy is today standard therapy for early breast cancer. It is safe therapeutic procedure in early breast cancers, because it provides the same level of overall survival as mastectomy. There are a number of different types of incisions used to BCS. Avoiding scars on the breast is women’s desire. Numerous minimal approaches have evolved due to this concern. Periareolar incision is often used when the small tumor relatively close to the nipple. But periareolar incision has a disadvantages include limited exposure of the surgical field. In plastic surgery, various methods such as zigzag incisions have been recommended to achieve satisfactory esthetic results. Periareolar zigzag incision has the advantage of not only good surgical field but also contributed to better surgical scars. The purpose of this study was to evaluate the oncological safety of procedures by studying the status of the surgical margins of the excised tumor specimen and reduces the need for further surgery. Methods: Between January 2016 and September 2016, 148 women with breast cancer underwent BCS or mastectomy by the same surgeon in ASAN medical center. Patients with exclusion criteria were excluded from this study if they had a bilateral breast cancer or underwent resection of the other tumors or taken axillary dissection or performed other incision methods. Periareolar zigzag incision was performed and excision margins of the specimen were identified frozen sections and paraffin-embedded or permanent sections in all patients in this study. We retrospectively analyzed tumor characteristics, the operative time, size of specimen, the distance from the tumor to nipple. Results: A total of 148 patients were reviewed, 72 included in the final analysis, 76 excluded. The mean age of the patients was 52.6 (range 25-19 years), median tumor size was 1.6 cm (range, 0.2-8.8), median tumor distance from the nipple was 4.0 cm (range, 1.0-9.0), median excised specimen sized was 5.1 cm (range, 2.8-15.0), median operation time was 70.0 minute (range, 39-138). All patients were discharged with no sign of infection or skin necrosis. Free resection margin was confirmed by frozen biopsy and permanent biopsy in all samples. There were no patients underwent reoperation. Conclusions: We suggest that periareolar zigzag incision can provide a good surgical field to remove a relatively large tumor and may provide cosmetically good outcomes.

Keywords: periareolar zigzag incision, breast conserving surgery, breast cancer, resection margin

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Authors: Fatima Bellali, Mariem Kharroubi

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Fish scale wastes are one of the main sources of production of value-added products such as collagen. The main aim of this study is to investigate the optimization conditions of the sardine scale deproteinization using response surface methodology (RSM) on a pilot scale. In order to look for the optimal conditions, a Box–Behnken-based design of experiment (DOE) method was carried out. The model predicted values of product coal ash content were in good agreement with the experiment values (R2 = 0.9813). Finally, model-based optimization was carried out to identify the operating parameters (reaction time=4h and the solid-liquid ratio= 1/10) and to obtain the lowest collagen content.

Keywords: pilot scale, Plackett and Burman design, fish waste, deproteinization

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Authors: Ilango Thiagalingam, Erwann Yvin, Gabriel Crehan, Roch El Khoury

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An experimental investigation is carried out in order to evaluate the relevance of a customization approach of the passive thermal mannikin. The promise of this approach consists in the following assumption: physiological differences lead to distinct thermo-physiological responses that explain a part of the thermal appraisal differences between people. Categorizing people and developing an appropriate thermal mannikin for each group would help to reduce the actual dispersion on the subjective thermal comfort perception. The present investigation indicates that popular passive physiological diversity drivers such as sex, age and BMI are not the correct parameters to consider. Indeed, very little or no discriminated global thermo-physiological responses arise from the physiological classification of the population using these parameters.

Keywords: thermal comfort, thermo-physiology, customization, thermal mannikin

Procedia PDF Downloads 100

Authors: H. El-Kamchouchi, Heba Gaber, Fatma Ahmed, Dalia H. El-Kamchouchi

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Due to the rapid growth in modern communication systems, fault tolerance and data security are two important issues in a secure transaction. During the transmission of data between the sender and receiver, errors may occur frequently. Therefore, the sender must re-transmit the data to the receiver in order to correct these errors, which makes the system very feeble. To improve the scalability of the scheme, we present a secure proxy signature scheme with fault tolerance over an efficient and secure authenticated key agreement protocol based on RSA system. Authenticated key agreement protocols have an important role in building a secure communications network between the two parties.

Keywords: proxy signature, fault tolerance, rsa, key agreement protocol

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Authors: Rim Ben Kalifa, Sabra Habli, Nejla Mahjoub Saïd, Hervé Bournot, Georges Le Palec

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The present study treats different phenomena taking place in a configuration of air jet impinging on a flat surface in a coflow stream. A Computational Fluid Dynamics study is performed using the Reynolds-averaged Navier–Stokes equations by means of the Reynolds Stress Model (RSM) second order turbulent closure model. The results include mean and turbulent velocities and quantify the large effects of the coflow stream on an impinging air jet. The study of the jet in a no-directed coflow stream shows the presence of a phenomenon of recirculation near the flat plate. The influence of the coflow velocity ratio on the behavior of an impinging plane jet was also numerically investigated. The coflow stream imposed noticeable restrictions on the spreading of the impinging jet. The results show that the coflow stream decreases considerably the entrainment of air jet.

Keywords: turbulent jet, turbulence models, coflow stream, velocity ratio

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Authors: HoYoung Son, Ki Young Kim, Woo Young Jung

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This study investigated the change of weir structure performances when durability of concrete, which is the main material of weir structure, decreased due to their aging by mean of seismic fragility analysis. In the analysis, it was assumed that the elastic modulus of concrete was reduced by 10% in order to account for their aged deterioration. Additionally, the analysis of seismic fragility was based on Monte Carlo Simulation method combined with a 2D nonlinear finite element in ABAQUS platform with the consideration of deterioration of concrete. Finally, the comparison of seismic fragility of model pre- and post-deterioration was made to study the performance of weir. Results show that the probability of failure in moderate damage for deteriorated model was found to be larger than pre-deterioration model when peak ground acceleration (PGA) passed 0.4 g.

Keywords: weir, FEM, concrete, fragility, aging

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Authors: M. M. Mekkakia, M. P Luong, A. Arab

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These controlling the water content of compaction are a major concern of fundamental civil engineers. Also, the knowledge of the fundamentals of the behaviour of compacted clay soils is essential to predict and quantify the effects of a change in water content. The study of unsaturated soils is a very complex area which several studies are directed to in recent years. Our job work is to perform tests of Proctor, Oedometer and shear, on samples of unsaturated clay in order to see the influence of water content on the compressibility and the shear strength. The samples were prepared at different amounts of water from water content to optimum water contents close to saturation. This study thus allowed us to measure and monitor the parameters of compressibility and shear strength as a function of water content.

Keywords: laboratory tests, clay, unsaturated soil, atterberg limits, compaction, compressibility, shear

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Authors: Salamah Ansari

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In absence of a comprehensive international legal regime for sovereign debt restructuring, majority of the complications arising from sovereign debt restructuring are frequently left to the uncertain market forces. The resort to market forces for sovereign debt restructuring has led to a phenomenal increase in litigations targeting assets of defaulting sovereign nations, internationally across jurisdictions with the first major wave of lawsuits against sovereigns in the 1980s with the Latin American crisis. Recent experiences substantiate that majority of obstacles faced during sovereign debt restructuring process are caused by inefficient creditor coordination and collective action problems. Collective action problems manifest as grab race, rush to exits, holdouts, the free rider problem and the rush to the courthouse. On defaulting, for a nation to successfully restructure its debt, all the creditors involved must accept some reduction in the value of their claims. As a single holdout creditor has the potential to undermine the restructuring process, hold-out creditors are snowballing with the increasing probability of earning high returns through litigations. This necessitates a mechanism to avoid holdout litigations and reinforce collective action on the part of the creditor. This can be done either through a statutory reform or through market-based contractual approach. In absence of an international sovereign bankruptcy regime, the impetus is mostly on inclusion of collective action clauses in debt contracts. The preference to contractual mechanisms vis- a vis a statutory approach can be explained with numerous reasons, but that's only part of the puzzle in trying to understand the economics of the underlying system. The contractual approach proposals advocate the inclusion of certain clauses in the debt contract for an orderly debt restructuring. These include clauses such as majority voting clauses, sharing clauses, non- acceleration clauses, initiation clauses, aggregation clauses, temporary stay on litigation clauses, priority financing clauses, and complete revelation of relevant information. However, voluntary market based contractual approach to debt workouts has its own complexities. It is a herculean task to enshrine clauses in debt contracts that are detailed enough to create an orderly debt restructuring mechanism while remaining attractive enough for creditors. Introduction of collective action clauses into debt contracts can reduce the barriers in efficient debt restructuring and also have the potential to improve the terms on which sovereigns are able to borrow. However, it should be borne in mind that such clauses are not a panacea to the huge institutional inadequacy that persists and may lead to worse restructuring outcomes.

Keywords: sovereign debt restructuring, collective action clauses, hold out creditors, litigations

Procedia PDF Downloads 156