,,ii  #aad? ,,congress  #a/ ,session    
,s4 #bdcf  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,decemb] #ah1 #bjae,ms4
 ,w>r5 7= h]self1 ,mr4 ,reid1 ,mr4      
,blum5?al1 & ,mr4 ,s*um]7 introduc$ !   
foll[+ bill2 :i* 0 read twice & ref]r$  
to ! ,committee on ,en]gy & ,natural    
,res\rces  ,a ,,bill  ,to provide =     
c]ta9 assi/ance & re=ms relat+ to !     
t]ritories1 & = o!r purposes4  #a4 ,%ort
 title2 table ( cont5ts  7a7 ,%ort title
 ,?is ,act may be cit$ z ! ,pu]to ,rico 
,em]g5cy ,f9ancial ,/ability ,act (     
#bjae4  7b7 ,table ( cont5ts ,! table ( 
cont5ts = ?is ,act is z foll[s3 ,sec4   
#a4 ,%ort title2 table ( cont5ts4,sec4  
#b4 ,f9d+s & purposes4,sec4 #c4         
,effective date4,sec4 #d4               
,sev]ability4,sec4 #e4 ,def9itions4,sec4
 #f4 ,automatic /ay4  #b4 ,f9d+s &      
purposes  7a7 ,f9d+s ,congress f9ds !   
foll[+3 7#a7 ,! ,commonweal? ,gov]nm5t  
is confront$ ) a dire fiscal em]g5cy &  
liquidity crisis t imm95tly ?reat5s !   
welf>e ( ! p ( ! ,commonweal?1 affect+ !

 provision ( ess5tial public s]vices    
includ+ public safety1 heal? c>e1 &     
education t are ne$$ bo? to su/a9 !     
welf>e ( ! p & ! economic ability ( !   
,commonweal? to address any future      
resolution ( debts & legal obligations4 
7#b7 ,a tempor>y /ay on litigation )    
respect to debt hold]s = ! ,commonweal? 
is ess5tial to provide brea?+ space to !
 ,commonweal?1 cr$itors1 & ! ,congress  
to det]m9e an ord]ly process = !        
,commonweal? to address any future      
resolution ( legal obligations & to     
provide ! ,commonweal? a pa? to         
su/a9able gr[?2 & !reby1 protect ! lives
 ( m ?an #c1ejj1jjj citiz5s ( ! ,unit$  
,/ates liv+ 9 ! ,commonweal?4  7#c7 ,!  
,commonweal? is 9 a /ate ( fiscal       
em]g5cy br\ght on by1 among o!r ?+s1 a  
comb9ation ( accumulat$ op]at+ deficits1
 ca% %ortages1 managem5t ineffici5cies1 
& excessive borr[+4  7#d7 ,!            
,commonweal? ,gov]nm5t's debt is        
unusually complex1 ) #ah diff]5t b      
int]-relat$ issu]s4  7,a7 ,!re is an ev5

 l>g] numb] ( cr$itor gr\ps1 ea* ( :i*  
may h div]g5t int]e/s4  7,b7 ,! debt's  
unusual complexity w sub/antially       
complicate any pot5tial cons5sual       
re/ructur+ 9 ! abs5ce ( ,f$]al          
legislation to facilitate !             
negotiations4  7#e7 ,?is legislation1   
:i* includes a /ay on litigation by debt
 hold]s1 c protect ess5tial gov]nm5t    
s]vices & help ! ,commonweal? address   
its liabilities 9 an ord]ly fa%ion1     
b5efitt+ all /akehold]s4  7,a7 ,a       
tempor>y /ay on litigation is ess5tial  
to facilitate an ord]ly process =       
/abiliz+1 evaluat+1 & compreh5sively    
resolv+ ! ,commonweal?'s fiscal crisis4 
7,b7 ,avoid+ a disord]ly race to !      
c\r?\se w b5efit cr$itors z well z o!r  
/akehold]s4  7,c7 ,fur!rmore1 ! /ay is  
only tempor>y4  7b7 ,purposes ,!        
purposes ( ?is ,act are to-- 7#a7       
provide a limit$ p]iod ( "t to p]mit    
,congress to enact compreh5sive relief =
 ! ,commonweal?1 provid+ x ! necess>y   
tools to address its economic & fiscal  

crisis2 &  7#b7 provide ! ,commonweal?  
,gov]nm5t ) a tool x ne$s to address an 
imm$iate & imm95t crisis t is unprec$5t$
 9 ! hi/ory ( ! ,unit$ ,/ates4  #c4     
,effective date ,?is ,act %all take     
effect on ,decemb] #ah1 #bjae4  #d4     
,sev]ability ,if any provision ( ?is    
,act or ! application !re( to any p]son 
or circum/ance is held invalid1 !       
rema9d] ( ?is ,act1 or ! application ( t
 provision to p]sons or circum/ances o!r
 ?an ^? z to :i* x is held invalid1 is n
 affect$ !reby4  #e4 ,def9itions ,9 ?is 
,act3 7#a7 ,bond ,! t]m ,bond means a   
bond1 loan1 l9e ( cr$it1 note1 or o!r   
borr[+ title1 9 physical or demat]ializ$
 =m1 ( :i*--  7,a7 ! issu]1 borr[]1 or  
gu>antor is ! ,commonweal? ,gov]nm5t2 & 
7,b7 ! date ( issuance or incurr5ce (   
debt prec$es ! date ( enactm5t ( ?is    
,act4  7#b7 ,commonweal? ,! t]m         
,commonweal? means ! ,commonweal? (     
,pu]to ,rico4  7#c7 ,commonweal?        
gov]nm5t ,! t]m ,commonweal? ,gov]nm5t  
means ! gov]nm5t ( ! ,commonweal?1      

includ+ all its political subdivisions1 
public ag5cies1 in/rum5talities1 &      
public corporations4  7#d7 ,c\rt ,! t]m 
c\rt means ! ,unit$ ,/ates ,di/rict     
,c\rt = ! ,di/rict ( ,pu]to ,rico4  7#e7
 ,o!r t]ms ,any o!r t]m t is us$ 9      
section #f & is def9$ 9 title #aa1      
,unit$ ,/ates ,code1 has ! mean+ giv5 t 
t]m "u title #aa1 ,unit$ ,/ates ,code4  
#f4 ,automatic /ay  7a7 ,except z       
o!rwise provid$ 9 ?is section1 !        
enactm5t ( ?is ,act op]ates ) respect to
 any claim1 debt1 or cause ( action     
relat$ to a ,bond z a /ay1 applicable to
 all entities 7z su* t]m is def9$ 9     
section #aja ( title #aa1 ,unit$ ,/ates 
,code71 (--  7#a7 ! comm5cem5t or       
cont9uation1 includ+ ! issuance or      
employm5t ( process1 ( a judicial1      
adm9i/rative1 or o!r action or proce$+  
aga9/ ! ,commonweal? ,gov]nm5t or to    
recov] a claim aga9/ ! ,commonweal?     
,gov]nm5t2  7#b7 ! en=cem5t1 aga9/ !    
,commonweal? ,gov]nm5t or aga9/ prop]ty 
( ! ,commonweal? ,gov]nm5t1 ( a judgm5t2

  7#c7 any act to obta9 possession (    
prop]ty ( ! ,commonweal? ,gov]nm5t or ( 
prop]ty f ! ,commonweal? ,gov]nm5t or to
 ex]cise control ov] prop]ty ( !        
,commonweal? ,gov]nm5t2  7#d7 any act to
 create1 p]fect1 or en=ce any li5 aga9/ 
prop]ty ( ! ,commonweal? ,gov]nm5t2     
7#e7 any act to create1 p]fect1 or en=ce
 aga9/ prop]ty ( ! ,commonweal?         
,gov]nm5t any li5 to ! ext5t t su* li5  
secures a claim2  7#f7 any act to       
collect1 assess1 or recov] a claim aga9/
 ! ,commonweal? ,gov]nm5t2 &  7#g7 !    
set(f ( any debt ow+ to ! ,commonweal?  
,gov]nm5t aga9/ any claim aga9/ !       
,commonweal? ,gov]nm5t4  7b7 ,! enactm5t
 ( ?is ,act does n op]ate z a /ay "u    
subsection 7a7 ( ?is section ( !        
cont9uation (1 includ+ ! issuance or    
employm5t ( process1 a judicial1        
adm9i/rative1 or o!r action or proce$+  
aga9/ ! ,commonweal? ,gov]nm5t t 0      
comm5c$ on or be=e ! date ( enactm5t (  
?is ,act4  7c7 ,except z provid$ 9      
subsection 7d71 7e71 or 7f71 a /ay ( an 

act "u subsection 7a7 %all cease to h   
effect z ( ,april #a1 #bjaf4  7d7 ,on   
motion ( a p>ty 9 int]e/ & aft] notice &
 a he>+1 ! c\rt may grant relief f a /ay
 "u subsection 7a7--  7#a7 = cause1     
includ+ ! lack ( adequate protection ( a
 security int]e/ 9 prop]ty ( su* p>ty 9 
int]e/2 or  7#b7 ) respect to a /ay ( an
 act aga9/ prop]ty "u subsection 7a71   
if-- 7,a7 ! debtor does n h an equity 9 
su* prop]ty2 &  7,b7 su* prop]ty is n   
necess>y = ! ,commonweal? to provide    
ess5tial s]vices4  7e7 ,?irty days aft] 
a reque/ "u subsection 7d7 ( ?is section
 = relief f ! /ay ( any act aga9/       
prop]ty ( ! ,commonweal? ,gov]nm5t "u   
subsection 7a7 ( ?is section1 su* /ay is
 t]m9at$ ) respect to ! p>ty 9 int]e/   
mak+ su* reque/1 unless ! c\rt1 aft]    
notice & a he>+1 ord]s su* /ay cont9u$ 9
 effect p5d+ ! conclusion (1 or z a     
result (1 a f9al he>+ & det]m9ation "u  
subsection 7d7 ( ?is section4 ,a he>+ "u
 ?is subsection may be a prelim9>y he>+1
 or may be consolidat$ ) ! f9al he>+ "u 

subsection 7d7 ( ?is section4 ,! c\rt   
%all ord] su* /ay cont9u$ 9 effect p5d+ 
! conclusion ( ! f9al he>+ "u subsection
 7d7 ( ?is section if !re is a          
reasonable likelihood t ! p>ty oppos+   
relief f su* /ay w prevail at !         
conclusion ( su* f9al he>+4 ,if ! he>+  
"u ?is subsection is a prelim9>y he>+1  
!n su* f9al he>+ %all be conclud$ n lat]
 ?an #cj days aft] ! conclusion ( su*   
prelim9>y he>+1 unless ! #cj-;day p]iod 
is ext5d$ ) ! cons5t ( ! p>ties 9 int]e/
 or = a specific "t :i* ! c\rt f9ds is  
requir$ by compell+ circum/ances4  7f7  
,^u reque/ ( a p>ty 9 int]e/1 ! c\rt1 ) 
or )\t a he>+1 %all grant su* relief f !
 /ay provid$ "u subsection 7a7 ( ?is    
section z is necess>y to prev5t         
irrep>able damage to ! secur$ int]e/ (  
an entity 9 prop]ty1 if su* int]e/ w    
suff] su* damage be=e !re is an         
opportunity = notice & a he>+ "u        
subsection 7d7 or 7e7 ( ?is section4    
7g7 ,no ord]1 judgm5t1 or decree ent]$ 9
 violation ( ?is section %all h any =ce 

or effect4  7h7 ,9 any he>+ "u          
subsection 7d7 or 7e7 conc]n+ relief f a
 /ay--  7#a7 ! p>ty reque/+ su* relief  
has ! burd5 ( pro( on ! issue ( !       
debtor's equity 9 prop]ty2 &  7#b7 !    
p>ty oppos+ su* relief has ! burd5 (    
pro( on all o!r issues4