News & Analysis as of

Chapter 9 Debt Restructuring

Jones Day

Debate Intensifies on Substantial Contribution Claims in Chapter 7 Cases

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To encourage creditors, equity interest holders, indenture trustees, and unofficial committees to take actions that benefit a chapter 9 or chapter 11 estate, the Bankruptcy Code confers administrative expense status on claims...more

Burr & Forman

Municipalities: Revenue Crunches and Chapter 9 Bankruptcies on the Horizon

Burr & Forman on

Last year many states and municipalities across our country as well as the elected officials who led them celebrated our nation’s low unemployment, increasing tax revenue and the zenith moments of what was the longest...more

Blank Rome LLP

Problems in the Code

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The title III debt-adjustment proceedings for the Commonwealth of Puerto Rico and its agencies have yielded several important and, in some cases, groundbreaking rulings by the U.S. District Court for the District of Puerto...more

Nelson Mullins Riley & Scarborough LLP

First Circuit Provides ‘Guidance’ on Challenging Puerto Rico’s Debt Restructuring Statute

At the very end of a recent opinion, the First Circuit seemingly provided guidance on how bondholders can attack the constitutionality of Puerto Rico’s debt restricting act, PROMESA (The Puerto Rico Oversight, Management, and...more

Holland & Knight LLP

Recent Ruling Against Puerto Rico Revenue Bondholders Causes Waves in U.S.

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• The U.S. Court of Appeals for the First Circuit has upheld a controversial ruling by a U.S. District Court in a case involving special revenue bonds issued by the Puerto Rico Highway Transportation Authority (PRHTA). • The...more

Bradley Arant Boult Cummings LLP

Recovering Administrative Claims in Chapter 9 Bankruptcy and Title III of PROMESA

Municipal bankruptcies under Chapter 9 of the Bankruptcy Code, 11 U.S.C. §§ 901-946 (Chapter 9), are rare. These cases are often filed to adjust bonded indebtedness and pension obligations. Congressional authorization for...more

Jones Day

In Brief: First Circuit Rules That Section 1109(b) of the Bankruptcy Code Creates an Unconditional Right to Intervene in an...

Jones Day on

In Assured Guaranty Corp. v. Fin. Oversight & Mgmt. Bd. for Puerto Rico, 872 F.3d 57 (1st Cir. 2017), the U.S. Court of Appeals for the First Circuit ruled that section 1109(b) of the Bankruptcy Code gave an unsecured...more

A&O Shearman

Putting PROMESA to the Test: Puerto Rico Files for Protection Under Title III of PROMESA

A&O Shearman on

On May 3, 2017, the Financial Oversight and Management Board for Puerto Rico (the “Oversight Board”), on behalf of the Commonwealth of Puerto Rico (“Puerto Rico”), filed a petition for relief under Title III of the Puerto...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

Financial Industry Developments - CTFC Approves Re-Proposal of Position Limits Regulation - On December 5, 2016, the U.S. Commodity Futures Trading Commission ("CFTC") unanimously approved to re-propose rules that...more

BakerHostetler

Puerto Rico: Congress and Supreme Court Shape a Path Towards Financial Recovery

BakerHostetler on

Puerto Rico’s financial woes have recently been front and center in financial news. Although a recent decision by the U.S. Supreme Court curtailed Puerto Rico’s ability to enact its own legislation to address its debt...more

BCLP

PROMESA Shields Puerto Rico Behind a New Automatic Stay

BCLP on

On June 30, 2016, President Obama signed the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) into law. The most significant portions of PROMESA are found in titles I and II, which establish an...more

Dechert LLP

Supreme Court Strikes Down Puerto Rico’s Local Restructuring Law

Dechert LLP on

In a 5-2 decision, the Supreme Court of the United States in Commonwealth of Puerto Rico et al. v. Franklin California Tax-Free Trust et al., 579 U.S. ___ (2016), rejected the Puerto Rico Public Corporation Debt Enforcement...more

Mintz - Public Finance Viewpoints

Draft Treasury Legislation Would Give Puerto Rico Access to “Super Chapter 9” and Chapter 9 Bankruptcy

A draft of the U.S. Treasury’s proposed debt restructuring legislation began circulating earlier today. The draft legislation would give Puerto Rico, as well as other U.S. territories, and their municipalities access to U.S....more

Mintz - Public Finance Viewpoints

Que Certa, Certa: Supreme Court Creates Uncertainty with “Cert” Review of Puerto Rico Recovery Act

It is said that muddy water is best cleared by leaving it be. The Supreme Court’s December 4 decision to review the legality of Puerto Rico’s local bankruptcy law, the Recovery Act, despite a well-reasoned First Circuit...more

Orrick - Finance 20/20

Obama Administration’s Legislative Proposal to Address Puerto Rico’s Fiscal Crisis

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On October 21, 2015, U.S. Treasury Secretary Jacob J. Lew, National Economic Council Director Jeff Zients, and Health and Human Services Secretary Sylvia Mathews Burwell unveiled a legislative proposal, a copy of which is...more

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