Puerto Rico Sample Letter regarding Modification Agreement

State:
Multi-State
Control #:
US-0815LTR
Format:
Word; 
Rich Text
Instant download

Description

Sample Letter regarding Modification Agreement

How to fill out Sample Letter Regarding Modification Agreement?

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FAQ

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.

PR Code Section 4010.01(ddd) includes a detailed list of the Marketplace Facilitator Activities. Merchants are generally required to collect, report and remit the SUT, unless they are considered non-withholding agents for SUT purposes.

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.

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.

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.

What is PROMESA? The Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) is legislation intended to help address the fiscal crisis in Puerto Rico.

Puerto Rico sales and use tax is in Spanish ?Impuesto a las Ventas y Uso,? aka IVU. The tax rate is 11.5%; the municipality where the sale took place receives 1% of that and the government of Puerto Rico receives the remaining 10.5%.

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Puerto Rico Sample Letter regarding Modification Agreement