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...

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