Puerto Rico is burdened by over $70 billion in debt, as well as approximately $35 billion in pension underfunding. Once the U.S. House of Representatives passed H.R. 5278, the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA), in early June and the Senate passed it on June 29, 2016, President Obama signed the bill immediately — and just in time to address a $1.9 billion payment that was due on July 1, 2016. PROMESA offers relief to Puerto Rico, its municipalities and municipal agencies following a 10-year economic recession.
