P.R. Laws tit. 13, § 112
(a) The objectives of §§ 112-112f of this title are the following:
(1) To enable an eligible obligor to become financially self-sufficient;
(2) to allocate equitably among all stakeholders the burdens of the recovery program; and
(3) to provide the same treatment to all creditors within a class of affected debt instruments unless a creditor agrees to a less favorable treatment.
(b) An eligible obligor may seek debt relief from its creditors pursuant to one or more transactions in accordance with §§ 112-112f of this title (each a “consensual debt relief transaction”) if so authorized by either:
(1) Its governing body, with the approval of GDB; or
(2) GDB, at the Governor’s request, and on behalf of the eligible obligor, if the eligible obligor has not authorized such action and the Governor, with the advice of GDB, determines that it is in the best interest of the eligible obligor and the Commonwealth.
(c) To enable GDB to coordinate the relief requested in instances where the Governor and GDB authorize the consensual debt relief transaction, GDB shall be entitled to select and retain on behalf of the eligible obligor and at the eligible obligor’s expense, such professionals as GDB believes are necessary to seek relief under §§ 112-112f of this title.
(d) After the eligible obligor obtains authorization pursuant to subsection (b) of this section, the eligible obligor shall publish on its website a notice that:
(1) The suspension period has commenced on the date of such notice; and
(2) identifies which obligations are subject to the suspension period.
(e) The suspension period notice may be amended to add or eliminate obligations, but the suspension period shall commence only from the time the suspension period notice is first published pursuant to subsection (d) of this section.
History —June 28, 2014, No. 71, § 201.