Client Alert
In a decisive opinion, the U.S. Court of Appeals for the First Circuit affirmed a lower court ruling that the Puerto Rico Public Corporations Debt Enforcement and Recovery Act is preempted by the U.S. Bankruptcy Code and therefore unconstitutional. Given this ruling, in order to restructure the debt of its public corporations, absent a consensual agreement with unanimous support, Puerto Rico must now turn to Congress, and obtain an amendment to the Bankruptcy Code that would allow it to authorize its public corporations to file for protection under Chapter 9, the municipal bankruptcy provisions of the Bankruptcy Code.

We have always been focused on finance.

  • 1913
    TS Chapman partners with Henry Cutler to form Chapman and Cutler
  • 1st
    Chapman's first client in 1913 is still a client of the firm today
  • 22
    Diverse financial practices serving regional, national, and global clients
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    Offices across the country and in key US financial centers

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