Why Puerto Rico Will Likely Rely On PROMESA Title III

Law360, New York (March 1, 2017, 4:34 PM EST) -- Richard J. Cooper

Luke A. Barefoot When Congress enacted the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA), it provided the commonwealth of Puerto Rico and its instrumentalities two distinct restructuring tools to address its financial challenges. The first, Title VI of PROMESA, is a largely out-of-court process that focuses exclusively on financial debt and relies on a collective action mechanism to bind dissenting creditors to the agreement of the debtor and a supermajority of its creditors to restructure its debt. The second, Title III of PROMESA, is a broad-based in-court restructuring regime that is modeled on Chapter 9 of...

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