Puerto Rico Credit support agreement
Description
How to fill out Credit Support Agreement?
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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.
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.
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 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.
Puerto Rican financial board seeks an end to power company's debt-restructuring process. The federal board overseeing the island's finances filed a new plan that would reduce the power company's debt from $10 billion to $2.5 billion, excluding pension liabilities.
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 ...
PREPA Plan of Adjustment The 3rd amended plan reduces PREPA's debt by almost 80%, is supported by creditors who agreed to the realistic terms of the drastically reduced debt and provides creditors with a recovery reflecting their legal standing while limiting the burden on the people of Puerto Rico as much as possible.