Given the ongoing work on a multilateral restructuring process for sovereign debt in the UN, consideration of the content and implementation of a sovereign debt restructuring mechanism (SDRM) is timely. The framework and content of the SDRM proposed here differs from earlier proposals in several important respects. For the classification and supermajority voting of claims in the approval a restructuring plan, it would mimic the structure and operation of the model collective action clauses (Model CACs) proposed by the International Capital Markets Association. Restructuring under a qualified sovereign debt restructuring law (QSDRL) would be guided by four principles: (i) observe the KISS (keep it simple, stupid) principle, (ii) follow the Model CACs, (iii) limit the discretion of an administrator of a proceeding, and (iv) address only major current problems. A convention would oblige each adopting state to recognize and enforce a restructuring plan approved under a QSDRL of another adopting state. This obligation would be subject to exceptions along the lines of those under the New York Convention on arbitral awards. The QSDRL would employ novel methods of binding creditors under an approved restructuring plan. [...]