Bankruptcy

Puerto Rico defends legal supremacy over bankruptcy plan

By Allison P. Spencer
By Vince Sullivan (Nov 15, 2021, 6:31 p.m. EST) – The Supervisory and Financial Management Board pursuing Puerto Rico’s debt restructuring said on Monday its plan should anticipate existing Commonwealth laws to be consistent with legislation who authorized the island’s bankruptcy filing because otherwise the proposed plan would not be feasible.

On the fourth day of the Board Adjustment Plan Confirmation Procedure, Supervisory Board Attorney Martin J. Bienenstock of Proskauer Rose LLP stated that the Supervisory, Management and Stability Act Puerto Rican Economic Council that created the council specifically allows the plan to have supremacy over certain laws to make the unique restructuring possible.

The proposed plan would cancel …

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Allison P. Spencer
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