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.
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Puerto Rico, USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Regulatory compliance, Federal preemption, Debt, Economic development, Collective actions, Cashflow, Municipal bond, US Federal Government, US Congress, US House of Representatives party leaders, Title 11 of the US Code, First Circuit
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