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Municipal Bankruptcy

Avoiding Powers Under PROMESA May Be Applied Retroactively

Defining collateral by reference in a UCC-1 is held invalid in Puerto Rico’s bankruptcy.

Eleventh Circuit Endorses the Applicability of ‘Equitable Mootness’ in Chapter 9

Two circuits and a BAP now invoke ‘equitable mootness’ to dismiss appeals from orders confirming chapter 9 municipal debt adjustment plans.
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First Circuit Gives Puerto Rico Bondholders a Second Bite at the Apple

Puerto Rico’s toll road bonds don’t have statutory liens, circuit court rules.
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Two Courts Seemingly Differ on the Nature of Puerto Rico’s PROMESA Proceedings

Bondholders won a skirmish but may still lose the war with Puerto Rico.

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