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Puerto Rico Bondholders Share The Pain

Law360, New York (August 4, 2017, 12:40 PM EDT) -- The commonwealth of Puerto Rico has embarked on the first phase of restructuring over $74 billion of debt. The Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) governs the United States’ largest municipal restructuring. The U.S. Congress enacted PROMESA in 2016, providing Puerto Rico broad in-court restructuring methods modeled on Chapter 9 of the U.S. Bankruptcy Code.[1]

PROMESA empowers a seven-member board (oversight board) with ultimate discretion and final authority over Puerto Rico’s fiscal plans and budgets. The oversight board designated a preliminary total of...
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