{"title":"Puerto Rico: Act III","authors":"S. Lubben","doi":"10.1093/cmlj/kmaa023","DOIUrl":null,"url":null,"abstract":"The Commonwealth of Puerto Rico and certain of its affiliated entities have filed “bankruptcy” petitions under Title III of the Puerto Rico Oversight, Management, and Economic Stability Act (\"PROMESA\"). This short paper provides a brief update on the current status of the restructuring process. As is well known, Puerto Rico’s economy was already deeply distressed, and then came hurricanes, earthquakes, and COVID-19. Given the poor state of the local economy, the island arguably needs extensive debt relief. Before COVID-19, the oversight board had proposed modest debt relief, and even that was deemed unacceptable by bondholders, who argued for cuts to local pensions equal to those being faced by bondholders. As a result, the restructuring process is apt to continue to be quite lengthy and contentious. Puerto Rico’s indeterminate legal status – as neither U.S. state nor independent nation – further complicates matters.","PeriodicalId":43720,"journal":{"name":"Capital Markets Law Journal","volume":"15 1","pages":"453-463"},"PeriodicalIF":0.9000,"publicationDate":"2020-12-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1093/cmlj/kmaa023","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Capital Markets Law Journal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1093/cmlj/kmaa023","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"LAW","Score":null,"Total":0}
引用次数: 0
Abstract
The Commonwealth of Puerto Rico and certain of its affiliated entities have filed “bankruptcy” petitions under Title III of the Puerto Rico Oversight, Management, and Economic Stability Act ("PROMESA"). This short paper provides a brief update on the current status of the restructuring process. As is well known, Puerto Rico’s economy was already deeply distressed, and then came hurricanes, earthquakes, and COVID-19. Given the poor state of the local economy, the island arguably needs extensive debt relief. Before COVID-19, the oversight board had proposed modest debt relief, and even that was deemed unacceptable by bondholders, who argued for cuts to local pensions equal to those being faced by bondholders. As a result, the restructuring process is apt to continue to be quite lengthy and contentious. Puerto Rico’s indeterminate legal status – as neither U.S. state nor independent nation – further complicates matters.
期刊介绍：
This journal is essential for all serious capital markets practitioners and for academics with an interest in this growing field around the World. It is the first periodical to focus entirely on aspects related to capital markets for lawyers and covers all of the fields within this practice area: Debt; Derivatives; Equity; High Yield Products; Securitisation; and Repackaging. With an international perspective, each issue covers articles and news relevant to the financial centres in the US, Europe and Asia. The journal provides a mix of thoughtful and in-depth consideration of the law and practice of capital markets through analytical articles on topical issues written by leading practitioners and academics in the international arena. There are also articles on matters of best practice and opinion on legal and practice developments from around the world. In particular the journal offers: • Unique specialist coverage of international capital markets practice • High level of analysis for experienced lawyers and academics • Team of internationally respected editors from leading centres in the US, Europe and Asia • Quality of articles assured through peer review system.
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