Puerto Rico Plan of Internal Restructuring
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How to fill out Plan Of Internal Restructuring?
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FAQ
The Modified Eighth Amended Title III Joint Plan of Adjustment of the Commonwealth of Puerto Rico, et al., created the Trust to hold and manage certain litigation claims that were transferred to the Trust and to distribute the proceeds of any such litigation to general unsecured creditors as provided for in the Plan.
The debt restructuring plan was approved by a federal judge in January. It reduces claims against Puerto Rico's government from $33 billion to just over $7.4 billion, with 7 cents of every taxpayer dollar going to debt service, compared with 25 cents previously.
The Plan of Adjustment filed with the U.S. District Court for the District of Puerto Rico, which has jurisdiction over PROMESA, provides a framework to restructure some $35 billion of liabilities (bonds and other claims) and $50 billion of unfunded pension liabilities, and reduces Puerto Rico's debt to sustainable ...
It reduced HTA's $6.4 billion in claims by more than 80% and saves Puerto Rico more than $3 billion in debt service payments. The Plan of Adjustment creates a solid financial foundation to ensure Puerto Rico's roads and public transportation system are maintained and improved.
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.
Around $30 billion, or about 42% of Puerto Rico's outstanding debt, is owned by residents of Puerto Rico. They and local businesses are the parties that are most affected by the government cuts and the increased taxes that have been imposed to stabilize the island's finances.
What Is a Title III Proceeding? Title III of PROMESA creates a court-supervised process for the Oversight Board, the Commonwealth and its affiliates and creditors to reach a consensual plan of reorganization.
?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.