Dechert LLP (JD Supra Puerto Rico)
2 results for Dechert LLP (JD Supra Puerto Rico)
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Are the Standards Governing Trustee Appointment Different in Chapter 9?
Yes, says the First Circuit. The First Circuit recently affirmed the District Court’s decision to deny a group of bondholders’ (the “Bondholders”) motion to have a trustee appointed for the Employees Retirement System of the Government of the Commonwealth of Puerto Rico (the “System”) under section 926 of the Bankruptcy Code. Section 926 of the Bankruptcy Code allows a court to appoint a trustee...
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FDIC Resolves Doral Bank in a New Receivership Action
The $5.9 billion Doral Bank (San Juan, Puerto Rico), a wholly owned subsidiary of Doral Financial Corporation (Coral Gables, Florida), was closed by the Office of the Commissioner of Financial Institutions of Puerto Rico, on February 27, 2015. The Federal Deposit Insurance Corporation (FDIC) was appointed receiver. The public company parent, Doral Financial Corporation, is not directly impacted...