May 2022
Feature Article
-
Public Pensions Spared from Cuts in Puerto Rico’s Restructuring
The Title III case of the Commonwealth of Puerto Rico has been much discussed in restructuring circles since the Financial Oversight and Management Board (FOMB) of Puerto Rico commenced the case approximately five years ago, on May 3, 2017. While many mainland discussions have centered on the issues and strategies for recoveries by bondholder creditors, […]
More from this Issue
-
Addressing Puerto Rico’s Debt Crisis
A few years ago, a prominent Puerto Rican lawyer was musing over who was responsible for Puerto Rico’s financial woes. “It was no one’s fault, but everyone’s to blame,” he remarked. The comment is simple yet powerful, as it captures Puerto Rico’s complex finances, tenuous political standing, and the aftermath of Hurricanes Irene and Maria. While […] -
A Wealth of Lessons from Puerto Rico’s Bankruptcy
This issue of the JCR focuses on the restructuring of Puerto Rico. Like the island’s history, the restructuring efforts involving this commonwealth were, in a word, “complicated.” Puerto Rico has a long, rich, and proud history and cultural identity. Before Christopher Columbus set foot on the island, its native Taino Indians dubbed it Boriken, which […] -
When Debt Overshadows Island Life
A company has continuing economic decline. Management makes poor decisions. Too much debt is issued, and new debt is used to fund annual budgets. A weather event damages critical assets. Tax advantages enjoyed for many years start to expire. Healthcare costs continue to grow and take a larger share of revenues. The revenue base continues to […] -
Public Pensions Spared from Cuts in Puerto Rico’s Restructuring
The Title III case of the Commonwealth of Puerto Rico has been much discussed in restructuring circles since the Financial Oversight and Management Board (FOMB) of Puerto Rico commenced the case approximately five years ago, on May 3, 2017. While many mainland discussions have centered on the issues and strategies for recoveries by bondholder creditors, […] -
Important Court Rulings Arise from Puerto Rico’s Economic Crisis
On January 18, 2022, the U.S. District Court for the District of Puerto Rico entered an order under the Puerto Rico Oversight, Management, and Economic Stability Act, 48 U.S.C. §2101 et seq. (PROMESA), confirming a plan of adjustment for the Commonwealth of Puerto Rico and certain of its instrumentalities. The plan’s confirmation is a major […] -
Early Dealmaking Benefits Creditors, Debtors in Puerto Rico’s Restructuring
The bankruptcy of the Commonwealth of Puerto Rico and its instrumentalities is unprecedented in legal complexity and scale, with more than $120 billion of municipal liabilities subject to restructuring. To organize and facilitate this task, on June 30, 2016, President Barack Obama signed into law the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA), […] -
Puerto Rico Plans for Power Grid Transformation During PREPA Restructuring
The ongoing restructuring of the Puerto Rico Electric Power Authority (PREPA) is one of the largest ever in the electrical power generation industry within the jurisdiction of the United States. The goal is to transform the utility from a bankrupt, mismanaged public corporation into a privately operated and more efficient and reliable supplier of electricity. […] -
Jones Act Exemption Could Aid Puerto Rico’s Economic Recovery
U.S. District Court Judge Laura Swain on January 18, 2022, approved a landmark plan to restructure Puerto Rico’s debt, allowing the U.S. territory to exit bankruptcy after five years. Judge Swain’s pen stroke approving the island’s plan of adjustment (POA) was a historic moment in Puerto Rico’s long and arduous bankruptcy process. The POA was […] -
In Her Nature: Lunelle Siegel
Q: How did you become involved in deals involving turnarounds and restructuring? Siegel: That question made me think back. In my first lending job, I received a loan application for a retail store that supplied local dancers: toe shoes for ballet dancers, tap shoes, costumes, and those sorts of things. They had expanded quickly due to customer […] -
Newcomers: May 2022
Arizona Jessica Sheehan, Resolute Commercial Services Atlanta Michael Addicks, FTI Consulting Hunter Jackson California – Northern Raj Sam California – Southern Mardig Taslakian Joshua Teeple, Grobstein Teeple Financial Advisory Services LLP Melinda Templeton-Duffy Chicago/Midwest Jonathan Aberman, Dykema Gossett PLLC Greg Adlington John Andreasen Teja R. Basireddy Paige Demkowicz, Plante Moran Andrew M. Farrar, Mesa Verde Financial Advisors LLC […]
Snapshot Article
Upcoming
2024 TMA Annual Conference
October 15 – 18, 2024
Loews Philadelphia
Philadelphia, PA