Regulatory Reform Subcommittee to Hold Hearing on Bill Allowing Puerto Rico Access to Chapter 9 of the Bankruptcy Code

Washington, D.C. – On Thursday, February 26, 2015 at 11:30 a.m., the Regulatory Reform, Commercial and Antitrust Law Subcommittee will hold a hearing to examine the Puerto Rico Chapter 9 Uniformity Act (H.R. 870), a bill authored by Congressman Pedro Pierluisi (D-Puerto Rico), which would allow Puerto Rico the ability to utilize chapter 9 of the U.S. Bankruptcy Code.  Currently, Puerto Rico’s power, water and highway authorities are facing billions of dollars in debts and they are excluded from reorganizing under Chapter 9 of the Bankruptcy Code. Witnesses for Thursday’s hearing are below. •           John A. E. Pottow, Professor of Law, University of Michigan Law School •           Melba Acosta, President, Government Development Bank for Puerto Rico •           Robert Donahue, Managing Director, Municipal Market Analytics •           Thomas Moers Mayer, Partner & Co-Chair, Corporate Restructuring and Bankruptcy Group, Kramer Levin Naftalis & Frankel LLP House Judiciary Committee Chairman Bob Goodlatte (R-Va.) and Regulatory Reform, Commercial and Antitrust Law Subcommittee Chairman Tom Marino (R-Pa.) issued the joint statement below on this hearing: “Puerto Rico currently cannot authorize its municipalities to use federal bankruptcy laws to restructure their debts.  Thursday’s hearing will allow the House Judiciary Committee to examine the merits of granting Puerto Rico the discretion to decide whether to allow its municipalities to file for bankruptcy.” This hearing will take place in 2237 Rayburn House Office Building and will be webcast live at judiciary.house.gov.  Camera crews wishing to cover must be congressionally-credentialed and RSVP with the House Radio-TV Gallery at (202) 225-5214.