Latin America 2020 Year in Review | Morrison & Foerster

AD HOC GROUP OF HOLDERS OF DEBT ISSUED OR GUARANTEED BY THE COMMONWEALTH OF PUERTO RICO We are representing an ad hoc group of holders of constitutional debt, i.e., debt issued or guaranteed by the Commonwealth of Puerto Rico and entitled to priority under the Commonwealth Constitution. The members of the ad hoc group hold approximately $3 billion face amount of constitutional debt, making it the largest bondholder group in the Commonwealth’s pending Title III case. The Commonwealth’s Title III case is the first case to be administered under a newly enacted federal insolvency law, raising a host of complex and novel legal issues not typically present in a typical corporate restructuring. We are also defending the ad hoc group’s members in litigation seeking to challenge over $6 billion of the Commonwealth’s general obligation bonds and seeking to challenge the Public Buildings Authority structure that issued certain of the guaranteed debt. Morrison & Foerster | 16 Business Restructuring and Insolvency