Regional news: Puerto Rico

Draft US bill seeks to terminate Puerto Rican public debt

Democratic senators in the US plan to introduce a draft bill that will give debt-ridden Puerto Rico the right to terminate its public unsecured debt, and make US$15 billion of federal funds available for some of the island’s creditors – but not for hedge funds or bond issuers.

29 January 2018

PREPA creditors blocked from appointing receiver

A US court has blocked creditor attempts to appoint a receiver over Puerto Rico's insolvent electric authority, finding it lacked sufficient power to transfer control of the utility without gaining the consent of the island's federally appointed oversight board.

15 September 2017

“Breaking point” – how Puerto Rico finally went to court

After years of legal wrangling and negotiations with bondholders, Puerto Rico has filed for court protection in San Juan, citing debts of US$74 billion; GRR traces the final movements that led to the opening of the biggest local government bankruptcy proceeding in US history.

04 May 2017

Discount shoe retailer kicks off restructuring with Chapter 11 and CCAA filings

Global discount footwear retailer Payless has filed for Chapter 11 bankruptcy protection in the US, and is due to seek ancillary relief under the Companies’ Creditors Arrangement Act in Canada by the end of the week.

06 April 2017

Creditors allege Puerto Rico’s restructuring plan “violates” PROMESA

Three groups of Puerto Rico’s major creditors are alleging that a fiscal plan certified by the federally appointed board overseeing the territory’s restructuring violates its financial rescue law and constitution.

30 March 2017

Community round-up: Puerto Rico oversight board names new chief as firms promote in UK and US

In recent weeks, Puerto Rico’s financial oversight board has appointed a new chief executive, while law firms and advisory groups have built up their leadership teams on both sides of the Atlantic.

27 March 2017

Puerto Rico board rejects restructuring plan, warns of liquidity shortfall

Puerto Rico’s federal oversight board has used its power under a law passed by the US Congress last year to reject a restructuring plan from the island’s government, finding that it was dependent on unrealistic revenue and spending predictions.

10 March 2017

ABI Caribbean Insolvency Symposium: a view from the bench

The American Bankruptcy Institute met in Grand Cayman last week, hosting a roundtable discussion featuring some of the US’s leading bankruptcy jurists.

14 February 2017

Puerto Rico heads off bondholder suit that found way round stay

The new government of Puerto Rico has reached an agreement on collateral with a set of pension bondholders, five days after they became the only claimants to be granted a hearing against a statutory moratorium.

19 January 2017

Dentons takes on Puerto Rico's debt crisis

Puerto Rico new government has hired a team from Dentons for the herculean task of restructuring the island's estimated US$70 billion debt pile, as a New York court lifted a stay on proceedings against the commonwealth for one bondholder suit.

13 January 2017

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