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PROMESA Task Force

Puerto Rico's First Tailored Practice for PROMESA-Related Issues

Overview

The implementation of the Puerto Rico Oversight Management and Economic Stability Act (“PROMESA”) has dramatically changed Puerto Rico’s governmental, financial and commercial landscape. To address our clients’ needs in facing the challenges brought by these changes, McConnell Valdés formed the PROMESA Task Force, a pioneer group created before the filing of the first PROMESA Title III petitions in the Island.

Our PROMESA Task Force is unique. It draws on the skill sets and expertise of  some of the most experienced practitioners in the restructuring, insolvency, government affairs, real estate, creditors’ rights, and corporate and financing practices, both in Puerto Rico and in Washington, D.C. The Task Force includes two of the lead drafters of PROMESA while serving in the U.S. Congress, Bill Cooper and Jason Knox.

Our services range from analysis and counseling on PROMESA-required Fiscal Plan approval and implementation, the powers and authorities conferred to the Financial Oversight and Management Board for Puerto Rico, to the interplay between the Board and the Puerto Rico Government in the continued administration of the territory and territorial instrumentalities.

We are currently active in litigation and representation under debt adjustment proceedings under Title III and negotiations and approval of Qualifying Modifications under Title VI, as well as representing clients before the Oversight Board, the Government of Puerto Rico and its instrumentalities, among other PROMESA-related matters.

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