Summary of Puerto Rico Public Corporation Debt Enforcement & Recovery Act

Author:Ms Lorraine McGowen, Raniero D'Aversa and Douglas S. Mintz
Profession:Orrick
 
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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 instrumentalities of the Commonwealth during an economic emergency. The goal of the new law is to balance the interests of creditors and other stakeholders with the interest of the Commonwealth to...

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