Law360, New York ( July 22, 2016, 4:32 PM EDT) -- On June 30, 2016, President Barack Obama signed the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA)[1] into law. A copy of the act can be found here. The most significant portions of PROMESA are found in Titles I and II, which establish an oversight board with budgetary and fiscal control over Puerto Rico, and Title III, which creates of a debt adjustment procedure for Puerto Rico and other territories of the United States. From a bankruptcy perspective, Title III gives rise to a fascinating new procedure that, while it does not make U.S. territories eligible to commence cases under Chapter 9 of the Bankruptcy Code, patterns itself after a Chapter 9 case by adopting and incorporating substantial portions of Chapters 1, 3, 5, 9 and 11 of the Bankruptcy Code to create an wholly new debt adjustment process for Puerto Rico and other U.S. territories....