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48 U.S.C. § 2152 — Oversight Board duties related to restructuring

Federal law — U.S. Code and appendices · legal_authorities

48 U.S.C. § 2152 — 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section101&num=0&edition=prelim)), 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 2231 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title48-section2231&num=0&edition=prelim) 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 subchapter 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 O

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Source location: Title 48, Chapter 20, § 2152; chapter-020-puerto-rico-oversight-management-and-economic-stability.md

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Federal law — U.S. Code and appendices · legal_authorities

11 U.S.C. § 101 — Definitions

In this title the following definitions shall apply: (1) The term “accountant” means accountant authorized under applicable law to practice public accounting, and includes professional accounting association, corporation, or partnership, if so authorized. (2) The term “affiliate” means— (A) entity that directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than an entity that holds such securities— (i) in a fiduciary or agency capacity without sole discretionary power to vote such securities; or (ii) solely to secure a debt, if such entity has not in fact exercised such power to vote; (B) corporation 20 percent or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote, by the debtor, or by an entity that directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than an entity that holds such securities— (i) in a fiduciary or agency capacity without sole discretionary power to vote such securities; or (ii) solely to secure a debt, if such entity has not in fact exercised such power to vote; (C) person whose business is operated under a lease or operating agreement by a debtor, or person substantially all of whose property is operated under an operating agreement with the debtor; or (D) entity that operates the business or substantially all of the property of the debtor under a lease or operating agreement. (3) The term “assisted person” means any person whose debts consist primarily of consumer debts and the value of whose nonexempt property is less than $150,000.11 See Adjustment of Dollar Amounts not

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Federal law — U.S. Code and appendices · legal_authorities

48 U.S.C. § 2231 — Position of Revitalization Coordinator

**(a) Establishment** There is established, under the Oversight Board, the position of the Revitalization Coordinator. **(b) Appointment** (1) **In general** — The Revitalization Coordinator shall be appointed by the Governor as follows: (A) Prior to the appointment of the Revitalization Coordinator and within 60 days of the appointment of the full membership of the Oversight Board, the Oversight Board shall submit to the Governor no less than three nominees for appointment. (B) In consultation with the Oversight Board, not later than 10 days after receiving the nominations under subparagraph (A), the Governor shall appoint one of the nominees as the Revitalization Coordinator. Such appointment shall be effective immediately. (C) If the Governor fails to select a Revitalization Coordinator, the Oversight Board shall, by majority vote, appoint a Revitalization Coordinator from the list of nominees provided under paragraph (A). (2) **Qualifications** — In selecting nominees under paragraph (1)(A), the Oversight Board shall only nominate persons who— (A) have substantial knowledge and expertise in the planning, predevelopment, financing, development, operations, engineering, or market participation of infrastructure projects, provided that stronger consideration may be given to candidates who have experience with Energy Projects and the laws and regulations of Puerto Rico that may be subject to an Expedited Permitting Process; (B) does 11 So in original. Probably should be “do”. not currently provide goods or services to the government of Puerto Rico (and, as applicable, is 22 So in original. Probably should be “are”. not the spouse, parent, child, or sibling of a person who provides or has provided goods and services to the government of Puerto Rico in t

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Federal law — U.S. Code and appendices · legal_authorities

48 U.S.C. § 2152 — Intervention in litigation

Page 368 TITLE 48—TERRITORIES AND INSULAR POSSESSIONS § 2150 (A) the territorial government has devel- oped its Budgets in accordance with modi- fied accrual accounting standards; and (B) the expenditures made by the terri- torial government during each fiscal year did not exceed the revenues of the territorial government during that year, as determined in accordance with modified accrual ac- counting standards. (Pub. L. 114–187, title II, § 209, June 30, 2016, 130 Stat. 576.) § 2150. No full faith and credit of the United States (a) In general The full faith and credit of the United States is not pledged for the payment of any principal of or interest on any bond, note, or other obliga- tion issued by a covered territory or covered ter- ritorial instrumentality. The United States is not responsible or liable for the payment of any principal of or interest on any bond, note, or other obligation issued by a covered territory or covered territorial instrumentality. (b) Subject to appropriations Any claim to which the United States is deter- mined to be liable under this chapter shall be subject to appropriations. (c) Funding No Federal funds shall be authorized by this chapter for the payment of any liability of the territory or territorial instrumentality. (Pub. L. 114–187, title II, § 210, June 30, 2016, 130 Stat. 576.) Editorial Notes REFERENCES IN TEXT This chapter, referred to in subsecs. (b) and (c), was in the original ‘‘this Act’’, meaning Pub. L. 114–187, June 30, 2016, 130 Stat. 549, known as the Puerto Rico Oversight, Management, and Economic Stability Act and also as PROMESA, which is classified principally to this chapter. For complete classification of this Act to the Code, see Short Title note set out under section 2101 of

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