Puerto Rico Board Statement of Understanding
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FAQ
PROMESA's Title III follows roughly the U.S. bankruptcy law. Puerto Rico's creditors are separated into groups based on the different legal rights of their claims, such as the kind of bonds they own or other claims, such as pensions.
The Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) is a U.S. federal law enacted in 2016 that established a financial oversight board, a process for restructuring debt, and expedited procedures for approving critical infrastructure projects in order to combat the Puerto Rican government-debt ...
Title III of PROMESA provides a means for a covered entity (such as PREPA) that has encountered financial difficulty to work with its creditors to adjust its debts.
PROMESA gives the Oversight Board two mandates: To help Puerto Rico achieve fiscal responsibility with pro-growth fiscal reforms and renew access to capital markets.
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 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.
Business name and registration Register your business name with the local government where your business is located. If you are a corporation, you will also need to register with the Department of State in Puerto Rico, or with the Department of Corporations and Trademarks in the U.S. Virgin Islands.
The Plan of Adjustment filed with the U.S. District Court for the District of Puerto Rico, which has jurisdiction over PROMESA, provides a framework to restructure some $35 billion of liabilities (bonds and other claims) and $50 billion of unfunded pension liabilities, and reduces Puerto Rico's debt to sustainable ...
