Marino Holds Hearing on Puerto Rican Bankruptcy Law

Washington D.C.—Congressman Tom Marino, PA-10, Lycoming County held a hearing on H.R. 870, the “Puerto Rico Chapter 9 Uniformity Act of 2015”  in the Subcommittee on Regulatory Reform, Commercial and Antitrust Law. If passed, the legislation would provide the government of Puerto Rico with the same authorization state governments currently have by allowing it to permit Puerto Rican municipalities  to restructure their debts under Chapter 9 of the federal Bankruptcy Code in the event of insolvency.

Witnesses testifying before committee members were:

·         Mr. John A. E. Pottow, Professor of Law, University of Michigan Law School

·         Ms. Melba Acosta, President, Government Development Bank of Puerto Rico

·         Mr. Robert Donahue, Managing Director, Municipal Market Analytics

·         Mr. Thomas Moers Mayer, Partner & Co-Chair, Corporate Restructuring and Bankruptcy Group, Kramer Levin Naftalis & Frankel LLP

Chairman Marino said the following after the hearing:

“I want to thank the witnesses for their testimony and expertise. I also want to thank  Puerto Rican Resident Commissioner Pierluisi for his spirited support and in-depth knowledge of federal bankruptcy law and its applicability to the situations Puerto Rico’s economy is facing. This hearing has provided useful information to committee members and will serve as an important starting point for further discussions and progressions.”

Marino Holds Hearing on Puerto Rican Bankruptcy Law

Marino Holds Hearing on Puerto Rican Bankruptcy Law

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