Case:

Infoslide: In the context of sovereign debt restructuring, a creditor committee is a formal meeting between a sovereign debtor and its commercial creditors where, after the sovereign has declared it cannot repay its debts, all parties negotiate to restructure the debts that the sovereign owes each creditor (the restructuring process can include reducing the interest rates on debts, extending their repayment terms, decreasing monthly payments, etc.). To be successful, creditor committees typically require all creditors to agree on the proposed restructuring plan.

A sovereign bond contract is a formal agreement over the terms of the bond that a sovereign issues to a creditor. An "engagement clause" is a requirement within sovereign bond contracts that if the sovereign defaults on its debts, the sovereign must recognize the formation of a creditor committee. 

If a sovereign does not engage in a creditor committee, it will usually engage in informal negotiations with individual or small groups of creditors to restructure its debts. 

Motion: THS the inclusion of engagement clauses in sovereign bond contracts