Orrick, Herrington & Sutcliffe LLP (JD Supra Puerto Rico)

The Impact of PROMESA on Creditors
On June 30, 2016, the United States Senate passed the “Puerto Rico Oversight, Management and Economic Stability Act” (“PROMESA”) and it was quickly signed into law by President Obama. PROMESA enables the Commonwealth of Puerto Rico and its public corporations and other instrumentalities in financial distress to restructure their debt.
Puerto Rico Debt Recovery Act Ruled Unconstitutional1
On Friday February 6, the Puerto Rico Federal District Court ruled the Debt Enforcement and Recovery Act (the “Recovery Act”) unconstitutional. Franklin Calif. Tax-Free Trust, et al. v. Comm. Of Puerto Rico et al., (D.P.R., Feb. 6, 20150)(Case No. 3:14-cv 01518- FAB). The opinion is extensive and addresses each of the constitutional challenges raised by both Blue Mountain and the Franklin/Op
New Debt Enforcement Act Significantly Impacts Stakeholders In Puerto Rico’s Energy & Infrastructure Sectors
On June 28, 2014, the Commonwealth of Puerto Rico adopted the Puerto Rico Corporations Debt Enforcement & Recovery Act, Act 71-2014 (the “Debt Enforcemen enabling certain Commonwealth public corporations in financial distress to restructure their debt obligations. The Debt Enforcement Act is focused on establishing a restructuring regime for the financial obligations of the Puerto Rico Electric...
Summary Of Puerto Rico Public Corporation Debt Enforcement & Recovery Act
On June 28, 2014, the Commonwealth of Puerto Rico adopted the Puerto Rico Corporations Debt Enforcement & Recovery Act, Act 71-2014 (the “Debt Enforcement Act”), enabling certain Commonwealth public corporations in financial distress to restructure their debt obligations. The Debt Enforcement Act establishes a debt enforcement, recovery and restructuring regime for public corporations and other...

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