Puerto Rico's $70B Case To Test Untried Restructuring Law
Law360, Wilmington (May 3, 2017, 10:08 PM EDT) -- Puerto Rico's court-supervised $70 billion debt restructuring under specially crafted federal legislation plunges the territory into uncharted waters that may seem to resemble other big event bankruptcies, but where the U.S. Bankruptcy Code might not be the final word, experts say.
On Tuesday, the federal oversight board Congress put in place a year ago with the Puerto Rico Oversight, Management and Economic Stability Act, or PROMESA, implemented a special type of restructuring process under which a non-bankruptcy federal judge oversees the proceedings, a mechanism not unlike provisions under Chapter 9 and Chapter 11 of the Bankruptcy Code.
In practice, the case...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!