Puerto Rico Proposed agreement with chairman of the board
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How to fill out Proposed Agreement With Chairman Of The Board?
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FAQ
The plan of adjustment is a document that provides for the treatment of the various classes of creditors' claims against the municipality. The Bankruptcy Code requires a debtor to file a plan. The plan can be filed along with the bankruptcy petition or at such later time as the court fixes.
On January 18, 2022, Judge Laura Taylor Swain of the U.S. District Court for the District of Puerto Rico confirmed the Plan of Adjustment for the Commonwealth of Puerto Rico to restructure $33 billion of liabilities against the Commonwealth of Puerto Rico, the Public Building Authority (PBA), and the Employee ...
Commonwealth of Puerto Rico: Puerto Rico's gross domestic product (GDP) was $106.5 billion as of June 30, 2021. In March 2022, Puerto Rico finalized its largest debt restructuring: issuing $7.4 billion in new bonds replacing $34.3 billion in outstanding bonds (a 78 percent reduction).
Puerto Rican national debt is now approximately $74 billion, but unlike mainland municipalities, Puerto Rico is not protected by Chapter 9 of the U.S. Bankruptcy Code and cannot file for bankruptcy.
The bill would require a binding referendum to be held in Puerto Rico asking whether the territory wants to be admitted as a state. In the event of a yes vote, the president would be asked to submit legislation to Congress to admit Puerto Rico as a state.
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.
?The FOMB's Plan of Adjustment is premised on extracting further rents from commercial and residential energy consumers ?that is, ordinary citizens? to satisfy the unsecured claims of PREPA's bondholder-creditors.