Title 48 — Territories and Insular Possessions
Chapter 20 — Puerto Rico Oversight, Management, and Economic Stability
§ 2146. Oversight Board duties related to restructuring
Statutory text
Requirements for restructuring certification
The Oversight Board, prior to issuing a restructuring certification regarding an entity (as such term is defined in section 101 of title 11), shall determine, in its sole discretion, that—
the entity has made good-faith efforts to reach a consensual restructuring with creditors;
the entity has—
adopted procedures necessary to deliver timely audited financial statements; and
made public draft financial statements and other information sufficient for any interested person to make an informed decision with respect to a possible restructuring;
the entity is either a covered territory that has adopted a Fiscal Plan certified by the Oversight Board, a covered territorial instrumentality that is subject to a Territory Fiscal Plan certified by the Oversight Board, or a covered territorial instrumentality that has adopted an Instrumentality Fiscal Plan certified by the Oversight Board; and
no order approving a Qualifying Modification under section 2231 of this title has been entered with respect to such entity; or
if an order approving a Qualifying Modification has been entered with respect to such entity, the entity is unable to make its debt payments notwithstanding the approved Qualifying Modification, in which case, all claims affected by the Qualifying Modification shall be subject to a subchapter III case.
Issuance of restructuring certification
The issuance of a restructuring certification under this section requires a vote of no fewer than 5 members of the Oversight Board in the affirmative, which shall satisfy the requirement set forth in section 2162(2) of this title.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Puerto Rico Oversight, Management, and Economic Stability Act
Pub. L. 114–187 title II § 206 · 130 Stat. 549
Enacted · 48 U.S.C. § 2146
(Pub. L. 114–187, title II, § 206, June 30, 2016, 130 Stat. 574.)
Source evidence
Code source credit
(Pub. L. 114–187, title II, § 206, June 30, 2016, 130 Stat. 574.)Enacted provision · exact public law section
SEC. 206. OVERSIGHT BOARD DUTIES RELATED TO RESTRUCTURING. (a) Requirements for Restructuring Certification.— The Oversight Board, prior to issuing a restructuring certification regarding an entity (as such term is defined in section 101 of title 11, United States Code), shall determine, in its sole discretion, that— (1) the entity has made good-faith efforts to reach a consensual restructuring with creditors; (2) the entity has— (A) adopted procedures necessary to deliver timely audited financial statements; and (B) made public draft financial statements and other information sufficient for any interested person to make an informed decision with respect to a possible restructuring; (3) the entity is either a covered territory that has adopted a Fiscal Plan certified by the Oversight Board, a covered territorial instrumentality that is subject to a Territory Fiscal Plan certified by the Oversight Board, or a covered territorial instrumentality that has adopted an Instrumentality Fiscal Plan certified by the Oversight Board; and (4) (A) no order approving a Qualifying Modification under section 601 has been entered with respect to such entity; or (B) if an order approving a Qualifying Modification has been entered with respect to such entity, the entity is unable to make its debt payments notwithstanding the approved Qualifying Modification, in which case, all claims affected by the Qualifying Modification shall be subject to a title III case. (b) Issuance of Restructuring Certification.— The issuance of a restructuring certification under this section requires a vote of no fewer than 5 members of the Oversight Board in the affirmative, which shall satisfy the requirement set forth in section 302(2) of this Act.
1 of 1 references resolved to an enrolled provision