P.R. Laws tit. 13, § 112a
(a) In a consensual debt relief transaction undertaken pursuant to § 112 of this title, an eligible obligor may seek approval of any amendment, modification, waiver, or exchange to or of the affected debt instruments from the holders of such instruments.
(b) In connection with a consensual debt relief transaction, an eligible obligor must prepare and commit itself by an act of its governing body (if authorized by it, pursuant to § 112(b)(1) of this title) or by GDB, upon the Governor’s request (if authorized by it pursuant to § 112(b)(2) of this title) on behalf of the eligible obligor to a recovery program that:
(1) Allows the eligible obligor to become financially self-sufficient based on such financial and operational adjustments as may be necessary or appropriate to allocate the burdens of such consensual debt relief equitably among all stakeholders; and
(2) GDB has approved in writing.
(c) The recovery program may include interim milestones, performance targets, and other measures to:
(1) Improve operating margins;
(2) increase operating revenues;
(3) reduce operating expenses;
(4) transfer or otherwise dispose of or transfer existing operating assets;
(5) acquire new operating assets; and
(6) close down or restructure existing operations or functions.
(d) In respect of any consensual debt relief transaction, and notwithstanding anything to the contrary contained in an affected debt instrument or otherwise applicable law, the amendments, modifications, waivers, or exchanges proposed in such transaction shall become effective and binding for each affected debt instrument on any entity asserting claims or other rights, including a beneficial interest, in respect of affected debt instruments, any trustee, any collateral agent, any indenture trustee, any fiscal agent, and any bank that receives or holds funds from such eligible obligor related to the affected debt instruments, within a class specified in the consensual debt relief transaction, if:
(1) GDB has approved the consensual debt relief transaction in writing;
(2) creditors of at least:
(A) Fifty percent (50%) of the amount of debt of such class participates in a vote or consent solicitation with respect to such amendments, modifications, waivers, or exchanges; and
(B) seventy-five percent (75%) of the amount of debt that participates or votes in such class approves the proposed amendments, modifications, waivers, or exchanges;
(3) each class contains claims that are substantially similar to other claims in such class, provided that the term “substantially similar” does not require classification based on similar maturity dates; and
(4) the Court enters an approval order in respect of such consensual debt relief transaction pursuant to § 112c of this title.
(e) For purposes of calculating the voting percentage set forth in this section, any affected debt instruments held or controlled by any Commonwealth entity, shall not be counted in such vote.
History —June 28, 2014, No. 71, § 202.