Numerous authors have proposed policy initiatives to bring more predictability and fairer outcomes into sovereign debt workouts for non-HIPC (in some cases also aiming to improve on the HIPC process), ranging from sovereign bankruptcy regimes modeled on national corporate bankruptcy systems, to arbitration processes, to standing availability of mediation services (see Kaiser, 2008). Others have proposed informal guidelines or a “code of good conduct” to which debtors and creditors might subscribe as a way to reduce uncertainty about how debt restructuring would proceed. The latter will be the focus of this paper.