Court of Appeal backs holdouts in debt restructuring, while investors eye potential for jurisdictional arbitrage.

Euromoney is in the Socar Tower in Baku, Azerbaijan, about a mile from the Caspian Sea. Here, two members of the Southern Gas Corridor (SGC) holding company’s executive team are describing a complex gas pipeline project reaching from Azerbaijan’s Shah Deniz gas field in the Caspian, through Azerbaijan and Georgia, the length of Turkey and ultimately across Greece, Albania, the Adriatic Sea and into Italy.

Azeri default reminds investors that implicit guarantees aren’t worth the paper they’re not written on.