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    Public Law Legal Research Blog

    Anne B. Hemenway

    Recent Posts

    BANKRUPTCY: Puerto Rico Debt Restructuring

    Posted by Anne B. Hemenway on Thu, Dec 1, 2016 @ 08:12 AM

    Anne Hemenway, Senior Attorney, National Legal Research Group

         On June 13, 2016, in Commonwealth of Puerto Rico v. Franklin California Tax-Free Trust, 136 S. Ct. 1938 (2016), the United States Supreme Court was asked to decide whether the Commonwealth of Puerto Rico should remain a "state" for purposes of 11 U.S.C. § 903(a), the subsection of Chapter 9 of the United States Bankruptcy Code that states that "a State law prescribing a method of composition of indebtedness of such municipality may not bind any creditor that does not consent to such composition." This issue came to the Court on an injunction proceeding by bondholders suing the Puerto Rico government to enjoin the application of the Puerto Rico Corporation Debt Enforcement and Recovery Act (the "Puerto Rico Act"). Enacted by Puerto Rico in an effort to deal with its extraordinary financial crisis and, specifically, to create its own bankruptcy scheme to restructure the debt of its insolvent public utilities. The bondholder's issue was presented in federal court notwithstanding an amendment to the Code to exclude Puerto Rico from the definition of a "state." See 11 U.S.C. § 101(52).

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    Topics: bankruptcy, Anne B. Hemenway, restructuring, Puerto Rico debt, remains a state

    BANKRUPTCY: Reopening a Federal Bankruptcy Case

    Posted by Anne B. Hemenway on Mon, Dec 14, 2015 @ 11:12 AM

    The Lawletter Vol 40 No 11

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    Topics: bankruptcy, Anne B. Hemenway, bankruptcy court, Chapter 7 trustee

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