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of <h1>Issuers barred from offering non-convertible securities if facing market restrictions or defaults; some exceptions apply.</h1> Issuers are prohibited from offering non-convertible securities if, at the time of filing the draft or offer document, they or their affiliates face restrictions such as being barred from the securities market, being a willful defaulter, or being a fugitive economic offender. Exceptions exist for directors nominated by debenture trustees and if debarment periods have ended. Issuers in default of interest or principal payments on non-convertible securities for over six months cannot make public issues. Certain restrictions do not apply to private placements of non-convertible securities.
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