Clear all

Refine your search

2 results found

Commentary
Ask Lexy

Caplin & Drysdale, Chartered | Puerto Rico, USA | 22 Jul 2016

Supreme Court nixes Puerto Rico insolvency law, but Congress legislates new path

The Supreme Court has ruled that the US Bankruptcy Code pre-empts the Recovery Act, which Puerto Rico enacted in 2014 to address its mounting debt crisis. The question before the Supreme Court was whether the pre-emption provision contained in Chapter 9 applied to bar Puerto Rico from enacting its own bankruptcy scheme for restructuring the debts of its municipalities and public utilities.
Commentary
Ask Lexy

Caplin & Drysdale, Chartered | Puerto Rico, USA | 16 Oct 2015

First Circuit decision fails to relieve Puerto Rico's debt crisis

The US Court of Appeals for the First Circuit has held that Chapter 9 of the US Bankruptcy Code pre-empts an insolvency law enacted by Puerto Rico designed to provide a path for the restructuring of financially distressed municipalities and public utilities in Puerto Rico. The action was initiated by two groups of investors which collectively hold nearly $2 billion worth of bonds issued by......
Previous page 1 Next page