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2026-07-06 10:51:44 -04:00

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LegalText 48 U.S.C. § 2146 Oversight Board duties related to restructuring us united_states_code code_section 48 TERRITORIES AND INSULAR POSSESSIONS 20 PUERTO RICO OVERSIGHT, MANAGEMENT, AND ECONOMIC STABILITY 2146 48 U.S.C. § 2146 current 119-100 2026-06-26 official https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc48@119-100.zip /us/usc/t48/s2146 data/legal/raw/us/code/title-48/usc48.xml 0b30dd6d32715590507db1524df529e7f5de97a164fa46616216cbd40a663d65 2f9a72ec272e6666d7f55f52cc3186aefc6368ca4cc2b9053a531de2fb9288c2 c4af0874fbe7e123d35543956b8b01a86a4fb45beebe06f44b246a14abcb24c7 2026-07-04 official
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48 U.S.C. § 2146 - Oversight Board duties related to restructuring

Text

(a) Requirements for restructuring certification The Oversight Board, prior to issuing a restructuring certification regarding an entity (as such term is defined in section 101 of title 11), shall determine, in its sole discretion, that—

(1) the entity has made good-faith efforts to reach a consensual restructuring with creditors;

(2) the entity has—

(A) adopted procedures necessary to deliver timely audited financial statements; and

(B) made public draft financial statements and other information sufficient for any interested person to make an informed decision with respect to a possible restructuring;

(3) the entity is either a covered territory that has adopted a Fiscal Plan certified by the Oversight Board, a covered territorial instrumentality that is subject to a Territory Fiscal Plan certified by the Oversight Board, or a covered territorial instrumentality that has adopted an Instrumentality Fiscal Plan certified by the Oversight Board; and

(4) (A) no order approving a Qualifying Modification under section 2231 of this title has been entered with respect to such entity; or

(B) if an order approving a Qualifying Modification has been entered with respect to such entity, the entity is unable to make its debt payments notwithstanding the approved Qualifying Modification, in which case, all claims affected by the Qualifying Modification shall be subject to a subchapter III case.

(b) Issuance of restructuring certification The issuance of a restructuring certification under this section requires a vote of no fewer than 5 members of the Oversight Board in the affirmative, which shall satisfy the requirement set forth in section 2162(2) of this title.

(Pub. L. 114187, title II, § 206, June 30, 2016, 130 Stat. 574.)