Cancellation of debt a key element of most restructurings generally triggers taxable income. The German tax authorities had issued an administrative decree (the "Tax Restructuring Decree" - Sanierungserlass), however, declaring that, upon the satisfaction of certain requirements and conditioned on forfeiture of any loss carry forwards, the cancellation of debt income ("CODI") would not be taxed.

Law360, New York (June 30, 2016, 1:20 PM ET) -- After four hearings and one markup at the House Committee on Natural Resources, and countless hours of public and behind-the-scenes debate by the legislators, the House of Representatives passed the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) on June 9, 2016. Then, on June 29, 2016, the Senate agreed to the House bill, sending the bill to the president for his expected signature.