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