Mr. Crawford said the deal did not involve any debt for equity swap.

This tax applies to traded financial instruments treated as compound products (equity swaps, call options, futures).

An equity swap involves a notional principal, a specified tenor and predetermined payment intervals.

But those rules are not expected to apply to equity swaps entered into before they are issued, creating a window of opportunity.

It has never been clear why equity swaps should be treated differently, but they have been.

Others have accomplished much the same thing with equity swaps, which differ in details.

The equity swap borrows heavily from the mathematics developed by global bankers in the creation of "interest rate swaps" barely a decade ago.

She also advocates forced restructuring, with a combination of debt forgiveness and debt for equity swaps, rather than a bailout.

The bankers also reviewed equity swaps, shorts against the box and various other strategies.

The company laid off its 7,000 workforce within weeks and agreed on US$ 400 million debt for equity swap.