Municipal Bankruptcy

Municipal Bankruptcies

Puerto Rico Bondholders Can’t Compel Payment During Bankruptcy, First Circuit Says

First Circuit interprets chapter 9 and PROMESA to permit but not compel payments to special revenue bondholders during debt arrangement proceedings.

Circuit Upholds Dismissal of Suits to Restrict Puerto Rico’s Use of Tax Revenue

First Circuit bars use of declaratory judgments restricting Puerto Rico’s use of tax revenues.

Automatic Stay Applies to ‘Ordinary Course’ Litigation in Puerto Rico, Circuit Holds

First Circuit finds no exceptions to the automatic stay under PROMESA subjecting Puerto Rico to ‘ordinary course’ litigation.

Act Fast on Appeal of Confirmed Plan Before Equitable Mootness

May 2019