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
On Wednesday, January 13, 2016, the U.S. Supreme Court will hear arguments in the appeal styled under the caption Commonwealth of Puerto Rico v. Sanchez Valle, No. 15-108. In this case, the Supreme Court is asked to determine...more
Supreme Court to Determine Constitutionality of DERA By order dated December 4, 2015, the US Supreme Court has agreed to consider the appeal by the Commonwealth and the Government Development Bank regarding the...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
What Happens in Delaware Does Not Always Stay in Delaware: Caesars Victorious in Venue Battle -
On Wednesday, January 28, the Bankruptcy Court for the District of Delaware transferred venue for the involuntary bankruptcy...more
3/12/2015
/ Bankruptcy Court ,
Bankruptcy Preferences ,
Chapter 11 ,
Chapter 9 ,
Commercial Bankruptcy ,
Debt Market ,
Debt Recovery Programs ,
Distressed Debt ,
EU ,
France ,
Insolvency ,
Lehman Brothers ,
Municipalities ,
Pension Funds ,
Puerto Rico ,
Restructuring ,
Safe Harbors ,
SCOTUS ,
Tax Liability ,
UK ,
Venue ,
Wellness International Network v Sharif
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