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Can Alphabet Soup Fix Puerto Rico's Debt Service Issues?
Last week, the Working Group for the Fiscal and Economic Recovery of Puerto Rico gave the broadest hint yet of the next tactic in Puerto Rico's ongoing quest to deleverage itself.
United States
30 Sep 2015
2
Puerto Rico Bondholders Await Contract Impairment Ruling In Teacher Pension Reform Litigation
We previously discussed the Puerto Rico Supreme Court’s decision in the Hernandez case, in which by a 5-4 vote the court upheld the constitutionality under federal and Puerto Rico law of pension reform legislation affecting public sector employees, holding that though such legislation substantially impairs contract rights, the measures are reasonable and necessary to salvage the actuarial soundness of the pension system and that less onerous measures are unavailable.
United States
10 Feb 2014
3
Could Bondholders Bring Claims Against Puerto Rico Bond Issuers In Courts Outside Puerto Rico?
As Puerto Rico prepares to access the public markets with a new bond issue, the Wall Street Journal reports that the list of demands from some potential investors include, in addition to a high interest rate and as much security as the issuer can provide, the issuer’s consent to the adjudication in the New York courts of any future disputes involving the applicable bonds.
United States
4 Feb 2014
4
Puerto Rico Supreme Court’s Deference to Legislature’s Determinations: A Double-Edged Sword for Puerto Rico Bondholders?
The Government Development Bank for Puerto Rico (GDB) hosted an unusual public conference call on October 31 to respond to legal questions raised by investors in bonds issued by the Puerto Rico Sales Tax Financing Corporation, better known by its Spanish acronym, COFINA
United States
20 Jan 2014
5
Detroit's "Fiscal Cliff" And Michigan's Response
Detroit’s increasingly distressed financial condition has created a dynamic and rapidly evolving situation where the potential of a Chapter 9 filing appears to be the subject of renewed discussion and legislative attention.
United States
17 Dec 2012
6
Court Dismisses Harrisburg Chapter 9 Petition - Rules Harrisburg Not Authorized To File
The bankruptcy court ruled today that the City of Harrisburg’s Chapter 9 petition filed by the Harrisburg City Council was not specifically authorized under Pennsylvania law.
United States
29 Nov 2011
7
Court Rules City Of Harrisburg Can Pay Pre-Petition Amounts To Ordinary Course Vendors
The bankruptcy court in the City of Harrisburg's Chapter 9 proceeding held a hearing on Tuesday, November 1 on the Mayor’s motion for an order clarifying that the City had the ability to pay its debts in the ordinary course.
United States
8 Nov 2011
8
Harrisburg Chapter 9 Status Conference Highlights Eligibility Issues
The Bankruptcy Court held a status conference in the Harrisburg Chapter 9 earlier today.
United States
19 Oct 2011
9
Harrisburg, PA. Files For Bankruptcy Under Chapter 9
As many are already aware, the City of Harrisburg, Pennsylvania filed a Chapter 9 bankruptcy late Tuesday evening, October 11 in advance of a Pennsylvania state senate vote that may have put the city on the path to a receivership.
United States
17 Oct 2011
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