48 U.S.C. § 2174

Confirmation

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(a) Objection

A special tax payer may object to confirmation of a plan.

(b) ConfirmationThe court shall confirm the plan if—(1) the plan complies with the provisions of title 11, made applicable to a case under this subchapter by section 2161 of this title;(2) the plan complies with the provisions of this subchapter;(3) the debtor is not prohibited by law from taking any action necessary to carry out the plan;(4) except to the extent that the holder of a particular claim has agreed to a different treatment of such claim, the plan provides that on the effective date of the plan each holder of a claim of a kind specified in 507(a)(2) 11 So in original. Probably should be preceded by “section”. of title 11 will receive on account of such claim cash equal to the allowed amount of such claim;(5) any legislative, regulatory, or electoral approval necessary under applicable law in order to carry out any provision of the plan has been obtained, or such provision is expressly conditioned on such approval;(6) the plan is feasible and in the best interests of creditors, which shall require the court to consider whether available remedies under the non-bankruptcy laws and constitution of the territory would result in a greater recovery for the creditors than is provided by such plan; and(7) the plan is consistent with the applicable Fiscal Plan certified by the Oversight Board under subchapter II.(c) Confirmation for debtors with a single class of claimsIf all of the requirements of section 2174(b) of this title and section 1129(a) of title 11, incorporated into this subchapter by section 2161 of this title other than sections 1129(a)(8) and 1129(a)(10) are met with respect to a plan—(1) with respect to which all claims are substantially similar under section 2161(e) of this title;(2) that includes only one class of claims, which claims are impaired claims; and(3) that was not accepted by such impaired class,the court shall confirm the plan notwithstanding the requirements of such sections 1129(a)(8) and 1129(a)(10) of title 11 if the plan is fair and equitable and does not discriminate unfairly with respect to such impaired class.(Pub. L. 114–187, title III, § 314, June 30, 2016, 130 Stat. 583.)

Notes of Decisions

Cited in 4 cases (2 in the last 5 years), 2019–2022 · leading case: Aurelius Capital Master, Ltd. v. Commonwealth (In Re Fin. Oversight & Mgmt. Bd. for Puerto Rico), 919 F.3d 638 (1st Cir. 2019).

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Aurelius Capital Master, Ltd. v. Commonwealth (In Re Fin. Oversight & Mgmt. Bd. for Puerto Rico), 919 F.3d 638 (1st Cir. 2019). “We therefore need delve no further to affirm the district court's dismissal of Count 8 as unripe. The Bondholders' final ask is that we reverse the dismissal of Counts 1, 2, 9, and 10 for failure to state a claim.”

In re Fin. Oversight & Mgmt. Bd. for Puerto Rico, 361 F. Supp. 3d 203 (2019). “The Oversight Board has demonstrated that, absent approval of the Plan and the Settlement Agreement, COFINA would be embroiled in ongoing litigation that would likely last months or even years. Beyond the costs associated with that litigation, COFINA's bondholders would also…”

FOMB v. Cooperativa de Ahorro y Credito (1st Cir. 2022). · cites it 2× “" 48 U.S.C. § 2174 (b)(3). It - 17 - does not preclude confirmation merely because it requires the court to determine whether the proposed action is lawful.”

FOMB v. Federacion de Maestros de Puerto Rico, Inc. (1st Cir. 2022). “48 U.S.C. § 2174 (b). The Teachers' Associations put forward three reasons why the Plan of Adjustment cannot be confirmed and must be set aside.”

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