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...more
8/10/2016
/ Automatic Stay ,
Bankruptcy Code ,
Bonds ,
Capital Markets ,
Cramdown ,
Creditors ,
Debt ,
Debt Restructuring ,
Energy Sector ,
Ipso Facto Clauses ,
Natural Resources ,
New Legislation ,
Puerto Rico ,
Puerto Rico Oversight Management and Economic Stability Act (PROMESA) ,
Regulatory Oversight
The Distressed Download Newsletter is a roundup of recent news from Orrick's Distressed Download blog, a resource for the latest news and industry trends in the distressed debt and restructuring markets.
European...more
First Circuit Rules Bankruptcy Code Preempts Puerto Rico's Recovery Act -
On Monday, July 6, the Court of Appeals for the First Circuit affirmed the February 6, 2015 order and injunction of the Puerto Rico District...more
7/23/2015
/ Attorney's Fees ,
Bankruptcy Code ,
Bonds ,
Capital Controls ,
Distressed Debt ,
Emerging Markets ,
EU ,
Eurozone ,
Greece ,
Insolvency ,
Municipal Bankruptcy ,
Oil & Gas ,
Preemption ,
Puerto Rico ,
Reclamation ,
Restructuring ,
SCOTUS
On March 24th, the Supreme Court heard oral argument on the consolidated appeals of two decisions from the Eleventh Circuit Court of Appeals, Bank of America v. Caulkett and Bank of America v. Toledo-Cardona. The appeals...more
4/2/2015
/ Bankruptcy Code ,
Chapter 7 ,
Dewsnup ,
HELOC ,
Junior Lenders ,
Lien Stripping ,
Liens ,
Mortgages ,
Popular ,
SCOTUS ,
Section 506 ,
Underwater Homeowners ,
Void Contracts
NYDFS Releases Revised BitLicense Proposal -
On February 4, 2015, the New York State Department of Financial Services ("NYDFS") released a revised version of its proposed virtual currency regulations (commonly referred...more
3/13/2015
/ American Bankruptcy Institute ,
Automatic Stay ,
Bankruptcy Code ,
BitLicense ,
CFTC ,
Chapter 11 ,
Department of Financial Services ,
Derivatives ,
Foreign Exchanges ,
Foreign Markets ,
Forward Contracts ,
Ipso Facto Clauses ,
ISDA ,
Liquidation ,
Margin Requirements ,
NDFs ,
Section 362 ,
Swaps
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.,...more
2/14/2015
/ Bankruptcy Code ,
Chapter 9 ,
Contracts Clause ,
Debt ,
Debt Relief ,
Mootness ,
Municipal Bankruptcy ,
Preemption ,
PREPA ,
Puerto Rico ,
Ripeness ,
Supremacy Clause ,
Takings Clause