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PROMESA gives the Oversight Board two mandates: To help Puerto Rico achieve fiscal responsibility with pro-growth fiscal reforms and renew access to capital markets.
Title III of PROMESA provides a means for a covered entity (such as PREPA) that has encountered financial difficulty to work with its creditors to adjust its debts.
The Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) is a U.S. federal law enacted in 2016 that established a financial oversight board, a process for restructuring debt, and expedited procedures for approving critical infrastructure projects in order to combat the Puerto Rican government-debt ...
PROMESA's Title III follows roughly the U.S. bankruptcy law. Puerto Rico's creditors are separated into groups based on the different legal rights of their claims, such as the kind of bonds they own or other claims, such as pensions.
The proposed Plan of Adjustment filed by the Oversight Board under PROMESA's Title III provides a framework to reduce the Commonwealth of Puerto Rico's debt to sustainable levels and is a milestone on Puerto Rico's path to exit bankruptcy.