Federal Government Enacts New Restructuring Law for U.S. Territories and Their Instrumentalities

On June 30, 2016, Congress passed and President Obama signed into law a new piece of federal legislation that will govern the restructuring of U.S. territories: Public Law No: 114-187. Although not limited to the Commonwealth of Puerto Rico, enactment of the new law, entitled the Puerto Rico Oversight, Management, and Economic Stability Act or “PROMESA,” represents a bipartisan achievement in the context of a worsening fiscal crisis in Puerto Rico.

Filed under:
Puerto Rico, USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Regulatory compliance, Federal preemption, Debt, Economic development, Cashflow, Title 11 of the US Code, US Congress, First Circuit
Authors:
Gabriel A. Morgan
Location:
Puerto Rico, USA
Firm:
Weil Gotshal & Manges LLP
Second Circuit Slams the Door Shut on a Loophole in Section 546(e) of the Bankruptcy Code

In a unanimous decision arising out of the Tribune Media Company bankruptcy cases, a panel of the Second Circuit held that the safe harbor under section 546(e) of the Bankruptcy Code, which precludes avoidance of certain transfers by a

Filed under:
USA, Insolvency & Restructuring, Litigation, White Collar Crime, Weil Gotshal & Manges LLP, Federal preemption, Bankruptcy, Debtor, Leveraged buyout, Debtor in possession, Title 11 of the US Code, Second Circuit
Location:
USA
Firm:
Weil Gotshal & Manges LLP