News & Analysis as of

Puerto Rico Debt Restructuring

Patterson Belknap Webb & Tyler LLP

Big Progress in Big Cases: PG&E and Puerto Rico are Making Strides Towards Achieving Creditor Consensus

There has been considerable progress towards resolution in two of the largest bankruptcy cases pending in the United States: the Commonwealth of Puerto Rico and the California utility, Pacific Gas & Electric. Several...more

Blank Rome LLP

Problems in the Code

Blank Rome LLP on

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

Robins Kaplan LLP

Financial Daily Dose 7.15.2019 | Top Story: FTC Fines Facebook $5 billion Over Privacy Violations

Robins Kaplan LLP on

Late Friday, the Federal Trade Commission hit Facebook with a $5 billion fine for the social media company’s range of privacy violations over the past few years....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.

Holland & Knight LLP on

• 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

Patterson Belknap Webb & Tyler LLP

Puerto Rico’s Restructuring: A Brief Update

There have been two significant developments in the ongoing restructuring case for the Commonwealth of Puerto Rico. First, as was widely expected, District Judge Laura Taylor Swain entered orders on February 4 and 5,...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

Robins Kaplan LLP

Expanding the Unconditional Right to Intervene: A Win for UCC’s

Robins Kaplan LLP on

Expanding a split among circuit courts, the First Circuit recently set precedent promoting the unconditional right of creditors’ committees to participate in all aspects of bankruptcy cases. Reversing a lower court, in In...more

Patterson Belknap Webb & Tyler LLP

Puerto Rico Files for Bankruptcy: New York Judge to Hear Case

On May 3, 2017, the Financial Oversight and Management Board for Puerto Rico filed a voluntary petition for relief on behalf of Puerto Rico in federal court there. The filing required the Chief Justice of the United States...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

Sullivan & Worcester

Is Renewable Energy in Puerto Rico Back On Your Radar?

Sullivan & Worcester on

Renewable energy deal discussions centered on projects in Puerto Rico have been difficult – particularly for project owners – over the past few years. The foundations of most of the projects on the island were power purchase...more

Orrick, Herrington & Sutcliffe LLP

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...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

Sullivan & Worcester

PROMESA—Energy in Puerto Rico amidst the Debt Crisis

Sullivan & Worcester on

Renewable energy industry participants are hungrily eyeing the tiny U.S. commonwealth of Puerto Rico, trying to determine whether the island’s debt crisis-driven troubles – which recently put a halt on development activities...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

Update on Puerto Rico

Orrick - Finance 20/20 on

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

Orrick - Finance 20/20

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

Orrick - Finance 20/20 on

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

Mintz - Public Finance Viewpoints

Can Alphabet Soup Fix Puerto Rico’s Debt Service Issues?

Last week, the Working Group for the Fiscal and Economic Recovery of Puerto Rico gave the broadest hint yet of the next tactic in Puerto Rico’s ongoing quest to deleverage itself. Although the details have not yet been...more

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