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    Puerto Rico’s Plan of Adjustment ‘Goes Effecfive’
    2022-03-25

    On March 15, 2022, the Financial Oversight and Management Board for Puerto Rico announced that the Plan of Adjustment for the Commonwealth of Puerto Rico became effecfive, more than four years aher Puerto Rico commenced restructuring proceedings under Title III of the Puerto Rico Oversight, Management and Economic Stability Act (“PROMESA”). PROMESA is a bespoke piece of federal legislafion enacted in 2016 to address Puerto Rico’s debt crisis, and incorporates most of chapter 9 of the Bankruptcy Code.

    Filed under:
    Puerto Rico, Banking, Insolvency & Restructuring, Cadwalader Wickersham & Taft LLP, US Congress
    Authors:
    Casey Servais
    Location:
    Puerto Rico
    Firm:
    Cadwalader Wickersham & Taft LLP
    What’s in a Name? Court Holds That Despite Its Title, a Security Agreement Also Subordinated Junior Creditor’s Rights to Payment
    2021-11-30

    On October 29, 2021, Judge Laura Taylor Swain, the presiding judge in the Puerto Rico bankruptcy case, ruled that approximately $2 billion in intragovernmental loan claims were subordinated to bonds issued by the Puerto Rico Highway and Transportation Authority (“HTA”) pursuant to an assignment and security agreement.1 The Court’s opinion

    Filed under:
    Puerto Rico, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP
    Authors:
    Mark C. Ellenberg , Michele C. Maman , Thomas Curtin , William J. Natbony
    Location:
    Puerto Rico
    Firm:
    Cadwalader Wickersham & Taft LLP
    Court in Puerto Rico case adopts alternative test to find settlement agreements were executory
    2021-08-13

    Section 365 of the Bankruptcy Code creates a framework through which a debtor can elect to either assume or reject an executory contract. Because the Bankruptcy Code does not define “executory,” courts utilize various tests to determine if a debtor can assume a contract—and thus be obligated to perform—or reject a contract—and thus the contract is deemed breached immediately prior to the bankruptcy filing date. The Countryman test is overwhelmingly the most commonly applied test to determine a contract’s executory nature.

    Filed under:
    Puerto Rico, Insolvency & Restructuring, Litigation, Hogan Lovells
    Authors:
    John D. Beck , Jennifer Lee
    Location:
    Puerto Rico
    Firm:
    Hogan Lovells
    Sovereign debt update - September/October 2014
    2014-10-01

    Argentina—The long-running dispute over the payment of Argentina’s sovereign debt has been particularly active in recent weeks and months.

    Events Leading Up to Argentina's Default

    Filed under:
    Argentina, Puerto Rico, USA, Banking, Capital Markets, Derivatives, Insolvency & Restructuring, Litigation, Public, Jones Day, Bond (finance)
    Authors:
    Mark G. Douglas
    Location:
    Argentina, Puerto Rico, USA
    Firm:
    Jones Day
    Sovereign debt update- July/August 2015
    2015-07-31

    Greece

    Filed under:
    Argentina, European Union, Greece, Puerto Rico, Insolvency & Restructuring, Jones Day
    Authors:
    Mark G. Douglas
    Location:
    Argentina, European Union, Greece, Puerto Rico
    Firm:
    Jones Day
    Supreme Court Validates PR Financial Oversight Board, but Challenges Remain
    2020-08-03

    Since PROMESA was enacted in 2016 to pave the way for a comprehensive restructuring of Puerto Rico’s mounting municipal debt obligations, the U.S. District Court for the District of Puerto Rico (District Court) has become a haven for litigious groups of creditors and other constituencies. Undoubtedly frustrated with the progress and trajectory of the cases of the commonwealth and its subsidiaries, these groups have mounted a number of complex legal attacks to the efficacy and validity of PROMESA. However, the debtors recently secured a significant win in Fin. Oversight & Mgmt. Bd.

    Filed under:
    Puerto Rico, USA, Insolvency & Restructuring, Litigation, Skadden Arps Slate Meagher & Flom LLP, US Senate, Title 11 of the US Code, Supreme Court of the United States, First Circuit
    Authors:
    Julie E. Cohen , Joseph O. Larkin , Stephen J. Della Penna , Steve Walsh
    Location:
    Puerto Rico, USA
    Firm:
    Skadden Arps Slate Meagher & Flom LLP
    Cross Border Restructuring and Insolvency Update - May 2017
    2017-05-30

    Marex Financial Limited v. Carlos Sevilleja Garcia [2017] EWHC 918 (Comm)

    This recent decision on a jurisdictional challenge has provided greater clarity and potentially created a tortious cause of action where a debtor dissipates assets prior to judgment and subsequent freezing order.

    Background

    Filed under:
    Germany, Portugal, Puerto Rico, United Kingdom, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Ashfords LLP, Bankruptcy
    Authors:
    Alan Bennett , Sarah Shrimpton , Olivia Bridger
    Location:
    Germany, Portugal, Puerto Rico, United Kingdom
    Firm:
    Ashfords LLP
    Puerto Rico: Commonwealth-COFINA Dispute Nearing Possible Resolution
    2018-11-09

    As we reported last year, on August 10, 2017, Judge Swain entered an order establishing procedures to govern resolution of the Commonwealth-COFINA dispute (the “Resolution Stipulation”).

    Filed under:
    Puerto Rico, Insolvency & Restructuring, Litigation, Patterson Belknap Webb & Tyler LLP
    Location:
    Puerto Rico
    Firm:
    Patterson Belknap Webb & Tyler LLP
    Bondholders Beware? First Circuit Ruling’s Potential Adverse Impact on Puerto Rico’s Long-Term Restructuring Prospects
    2019-05-02

    Having practiced in Puerto Rico for nearly a decade, including being involved heavily in the ongoing Title III PROMESA proceedings, the recent ruling handed down by the First Circuit could prove to be the most impactful for the Island’s long term restructuring prospects and its access to the Bond markets. The controversial ruling, which pertains to the treatment of municipal revenue debt, has left investors with questions about the value and significance of a revenue pledge in a municipal bankruptcy. This blog provides some background and potential ramifications.

    Filed under:
    Puerto Rico, USA, Insolvency & Restructuring, Litigation, Kane Russell Coleman Logan PC, First Circuit
    Authors:
    Paul Hammer
    Location:
    Puerto Rico, USA
    Firm:
    Kane Russell Coleman Logan PC
    Puerto Rico’s Restructuring: A Brief Update
    2019-05-08

    When we last checked in on the Puerto Rico restructuring case, we reported on the February 15 decision of the First Circuit Court of Appeals that the members of the Financial Oversight and Management Board were appointed in contravention of the Appointments Clause of the U.S. Constitution because they were never confirmed by the U.S. Senate.

    Filed under:
    Puerto Rico, Insolvency & Restructuring, Litigation, Patterson Belknap Webb & Tyler LLP, First Circuit
    Location:
    Puerto Rico
    Firm:
    Patterson Belknap Webb & Tyler LLP

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