August 15, 2025

Puerto Rico’s Debt-Adjustment Proceedings Weren’t Unconstitutional ‘Takings’

The Federal Circuit upheld the claims court’s decision that taking away bondholders’ collateral wasn’t an unconstitutional taking.

Federal Circuit

March 17, 2023

A Receiver May File a Chapter 9 Petition over City Officials’ Objections

The requirement in chapter 9 to negotiate in good faith before filing is satisfied if the parties are ‘simply too far apart,’ says Bankruptcy Judge Chan.

3rd Circuit, Pennsylvania, Pennsylvania Eastern District

March 03, 2023

First Circuit Says: PROMESA Fiscal Plans Can’t Be Challenged in Federal Court

Federal courts have no jurisdiction to review decisions by Puerto Rico’s Oversight Board regarding the reduction of pension benefits.

1st Circuit

October 19, 2022

It’s Virtually Impossible to Waive Discharge as an Affirmative Defense, Judge Tucker Says

Waiting four years to raise discharge as a defense does not invoke equitable estoppel or laches.

6th Circuit, Michigan, Michigan Eastern District

May 24, 2022

First Circuit Majority Says Sovereign Immunity Abrogated as to the Puerto Rico Oversight Board

Dissenter implies that the First Circuit should sit en banc and rule that the Oversight Board’s sovereign immunity was not waived

1st Circuit

May 23, 2022

Contingent Indemnification Brings an Automatic Stay in Chapter 9, First Circuit Says

First Circuit won’t allow artful pleading to avoid the automatic stay in municipal bankruptcies.

1st Circuit

May 05, 2022

First Circuit Upholds Confirmation of Puerto Rico’s Debt Adjustment Plan

Federal preemption allowed rejection of the defined benefit pension plan for Puerto Rico’s teachers.

1st Circuit

November 30, 2020

Court of Claims Rebuffs Puerto Rico Bondholders’ Claims of Unconstitutional Takings

Cutting off post-petition liens under PROMESA did not violate the Takings Clause.

1st Circuit

April 22, 2020

‘Chevron’ Deference Applied to Decisions by the Puerto Rico Oversight Board

District court invalidates expenditures adopted by the Puerto Rico legislature that were not approved by the PROMESA Oversight Board.

1st Circuit, Puerto Rico

March 30, 2020

Puerto Rico Bondholders Lose Another Appeal in the First Circuit

The First Circuit shows no inclination to allow creditors to bust out of the PROMESA restructuring of Puerto Rico’s debt.

1st Circuit