PROMESA And The Future Of Puerto Rico: Part 2

Law360, New York (November 16, 2016, 4:25 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. 

The first part of this article examined the history leading up to the passage of PROMESA, and some of its major provisions, including its establishment of an automatic stay and an oversight board, and its requirement for the development of a fiscal...

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