Bruce Wilson, Kutak Rock LLPNovember 15, 2016, 6:10 PM EST
Law360, New York (November 15, 2016, 6:10 PM EST) -- The Puerto Rico Oversight, Management, and Economic Stability Act, Pub. Law 114-187 (PROMESA or the Act), was enacted into law on June 30, 2016. The Senate had passed PROMESA on June 29, 2016, and President Obama signed it the next day — one day before the Commonwealth of Puerto Rico was expected to, and did, default on substantial payment obligations.
This two-part article examines what led to the passage of PROMESA, the primary provisions of the Act, the legal relevance of PROMESA to territories other than...