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.[1] PROMESA enables the Commonwealth of Puerto Rico and its public corporations and other instrumentalities in financial distress to restructure their debt.

Filed under:
Puerto Rico, USA, Insolvency & Restructuring, Public, Orrick, Herrington & Sutcliffe LLP, Conflict of interest, Board of directors, Budget, Debt, Balanced budget, US Senate, US House of Representatives, US House Committee on Natural Resources, US Senate Committee on Energy and Natural Resources
Authors:
Lorraine S. McGowen
Location:
Puerto Rico, USA
Firm:
Orrick, Herrington & Sutcliffe LLP
Puerto Rico And The Importance Of Legislative History

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.

Filed under:
Puerto Rico, Insolvency & Restructuring, Litigation, Public, Steptoe LLP, Bipartisanship, Federal preemption, US Congress, US House of Representatives, US House Committee on Natural Resources
Authors:
Carolyn Walsh , Luis G. Fortuño , Mara C. Giorgio
Location:
Puerto Rico
Firm:
Steptoe LLP