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    Puerto Rico: Congress and Supreme Court Shape a Path Towards Financial Recovery
    2016-07-26

    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 situation, late last month President Obama signed into law legislation designed to allow Puerto Rico to restructure its vast public debt, giving new hope to the Commonwealth’s financially strapped public utilities.

    Filed under:
    Puerto Rico, Insolvency & Restructuring, Litigation, BakerHostetler, Federal preemption, Debtor, Injunction, Debt, Dissenting opinion, Promulgation, US Congress, US House of Representatives, Title 11 of the US Code, American Recovery and Reinvestment Act 2009 (USA), Supreme Court of the United States, First Circuit
    Authors:
    Eric R. Goodman , Dena S. Kessler , Ferve E. Ozturk , Donald A. Workman
    Location:
    Puerto Rico
    Firm:
    BakerHostetler
    Three Strikes and Recovery Act is Out
    2016-06-13

    Today’s U.S. Supreme Court decision in Commonwealth of Puerto Rico v. Franklin California Tax-Free Trustputs an end to one of Puerto Rico’s multi-pronged efforts to deleverage itself.

    Filed under:
    Puerto Rico, USA, Company & Commercial, Insolvency & Restructuring, Litigation, Mintz, American Recovery and Reinvestment Act 2009 (USA)
    Authors:
    Leonard Weiser-Varon , William W. Kannel
    Location:
    Puerto Rico, USA
    Firm:
    Mintz
    First Circuit hears oral arguments on validity of Puerto Rico’s Recovery Act
    2015-05-06

    A few reactions to today’s oral arguments before the U.S. Court of Appeals for the First Circuit regarding the validity of Puerto Rico’s Recovery Act:

    Filed under:
    Puerto Rico, USA, Insolvency & Restructuring, Litigation, Mintz, US Congress, American Recovery and Reinvestment Act 2009 (USA), First Circuit
    Authors:
    Leonard Weiser-Varon
    Location:
    Puerto Rico, USA
    Firm:
    Mintz
    Chapter 9 Bankruptcy—Preemption of Puerto Rico Recovery Act
    2015-12-04

    Puerto Rico v. Franklin CA Tax-Free Trust, No. 15-233
    Acosta-Febo v. Franklin CA Tax-Free Trust, No. 15-255

    Filed under:
    Puerto Rico, USA, Insolvency & Restructuring, Litigation, Mayer Brown, American Recovery and Reinvestment Act 2009 (USA)
    Location:
    Puerto Rico, USA
    Firm:
    Mayer Brown
    Que Certa, Certa: Supreme Court’s Review of Puerto Rico Recovery Act May Hinder Creditor Negotiations
    2015-12-08

    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 Court of Appeals opinion affirming the U.S. District Court in San Juan’s decision voiding the Recovery Act on the grounds that it conflicts with Section 903 of the U.S. Bankruptcy Code, suggests, at a minimum, that at least four of the Justices deemed the questions raised too interesting to let the First Circuit have the last word.

    Filed under:
    Puerto Rico, USA, Insolvency & Restructuring, Litigation, Mintz, American Recovery and Reinvestment Act 2009 (USA), Supreme Court of the United States
    Authors:
    Leonard Weiser-Varon , William W. Kannel , Eric R. Blythe
    Location:
    Puerto Rico, USA
    Firm:
    Mintz
    Puerto Rico’s Recovery Act ruled preempted: what now?
    2015-02-08

    At the end of “The Candidate”, Robert Redford’s title character, having won, famously asks, “What do we do now?”

    A similar question can be asked now that the federal district court in Puerto Rico has struck down the Puerto Rico Public Corporation Debt Enforcement and Recovery Act.

    Filed under:
    Puerto Rico, USA, Insolvency & Restructuring, Mintz, Federal preemption, American Recovery and Reinvestment Act 2009 (USA)
    Authors:
    Leonard Weiser-Varon , William W. Kannel
    Location:
    Puerto Rico, USA
    Firm:
    Mintz
    U.S. District Court holds that Puerto Rico's Recovery Act is unconstitutional
    2015-02-09

    On February 6, 2015, Judge Francisco Besosa of the U.S. District Court for the District of Puerto Rico held that the Puerto Rico Public Corporation Debt Enforcement and Recovery Act (the “Recovery Act”) is expressly preempted by section 903 of the Bankruptcy Code and is therefore unconstitutional.

    Filed under:
    Puerto Rico, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Debtor, Constitutionality, American Recovery and Reinvestment Act 2009 (USA)
    Authors:
    Thomas Curtin , Mark C. Ellenberg , Ivan Loncar , Lary Stromfeld
    Location:
    Puerto Rico
    Firm:
    Cadwalader Wickersham & Taft LLP
    From the Top
    2017-01-27

    The U.S. Supreme Court issued two rulings in 2016 involving issues of bankruptcy law.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, White Collar Crime, Jones Day, Credit (finance), American Recovery and Reinvestment Act 2009 (USA), Fair Debt Collection Practices Act 1977 (USA), Supreme Court of the United States, Eleventh Circuit, Third Circuit
    Location:
    USA
    Firm:
    Jones Day
    Bankruptcy Settlements may not have to Comply with the Absolute Priority Rule? Not so fast…
    2016-06-29

    In an earlier blog piece we reported on the Third Circuit’s 2015 decision in In re Jevic Holding Corp. where the Court approved a settlement, implemented through a structured dismissal, which allowed junior creditors to receive a distribution prior to senior creditors being paid in full.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mintz, Bond (finance), Bankruptcy, Debtor, Commercial law, American Recovery and Reinvestment Act 2009 (USA), Trustee, Supreme Court of the United States
    Authors:
    Eric R. Blythe
    Location:
    USA
    Firm:
    Mintz
    Supreme Court Holds Puerto Rico Recovery Act Preempted by Bankruptcy Code
    2016-06-15

    “Puerto Rico’s Recovery Act is barred by § 903(1) … of the Bankruptcy Code,” held the U.S. Supreme Court on June 13, 2016. Commonwealth of Puerto Rico v. Franklin California Tax-Free Trust, 2016 WL 3221517, *11 (U.S. June 13, 2016) (5-2). Affirming the First Circuit, the court reasoned that Code § 903(i) “preempts state bankruptcy laws [enabling] insolvent municipalities to restructure their debts over the objections of creditors [and] instead requires municipalities to restructure [their] debts under Chapter 9 of the Code.” Id., at *2.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Title 11 of the US Code, American Recovery and Reinvestment Act 2009 (USA)
    Authors:
    Michael L. Cook
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP

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