This Article outlines a possible cure to the “empty creditor” problem in sovereign debt markets: a market for sovereign creditor control. Scholars and policymakers have long lamented the troubling influence of credit derivatives on sovereign debt. Lenders that use instruments like credit default swaps (CDS) to hedge their risks are widely regarded as posing serious risks for sovereign debtors looking to restructure their debts. According to the “empty creditor” hypothesis, lenders that purchase CDS protection against the risk of a sovereign’s default have strong incentives to disrupt restructuring proceedings. Not only are they safe from the consequences of such a default, but they should actually wish to hasten such an event in order to trigger repayment under their CDS. [...]