48 U.S.C. § 2162

Who may be a debtor

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An entity may be a debtor under this subchapter if—(1) the entity is—(A) a territory that has requested the establishment of an Oversight Board or has had an Oversight Board established for it by the United States Congress in accordance with section 2121 of this title; or(B) a covered territorial instrumentality of a territory described in paragraph (1)(A);(2) the Oversight Board has issued a certification under section 2146(b) of this title for such entity; and(3) the entity desires to effect a plan to adjust its debts.(Pub. L. 114–187, title III, § 302, June 30, 2016, 130 Stat. 579.)

Notes of Decisions

Cited in 2 cases (1 in the last 5 years), 2018–2023 · leading case: In re Fin. Oversight & Mgmt. Bd. for P.R., 318 F. Supp. 3d 537 (2018).

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In re Fin. Oversight & Mgmt. Bd. for P.R., 318 F. Supp. 3d 537 (2018). “§§ 362 and 922 (made applicable to Title III proceedings generally by 48 U.S.C. § 2162 (a) ) does not apply to its effort to invalidate the actions of the current Oversight Board, or, in the alternative, (ii) relief from the stay so that Aurelius may pursue an independent action…”

Dinh v. United States (Fed. Cl. 2023). “See 48 U.S.C. § 2162 . Where the entity in question is a territorial instrumentality rather than a territory, all that Title III requires is that it: (1) be “covered” under PROMESA; (2) have a restructuring certification issued by an Oversight Board; and (3) desire to effect a…”

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