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Bill > S05542
NY S05542
NY S05542Provides for restructuring unsustainable sovereign and subnational debt; provides a voluntary petition for relief may be filed with the state.
summary
Introduced
03/08/2023
03/08/2023
In Committee
01/03/2024
01/03/2024
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
2023-2024 General Assembly
Bill Summary
AN ACT to amend the debtor and creditor law, in relation to restructuring unsustainable sovereign and subnational debt
AI Summary
This bill amends the debtor and creditor law in New York to provide a framework for the restructuring of unsustainable sovereign and subnational (state or local government) debt. It establishes a voluntary petition process where a debtor state can elect to have its claims governed under this law, which includes provisions for debt reconciliation, creditor notification, debt restructuring plan submission and approval, financing the restructuring, priority of repayment, and dispute resolution. The bill aims to reduce the social and economic costs of sovereign debt crises, strengthen New York's role as a center for sovereign debt, and enable fair and effective debt relief for eligible states.
Committee Categories
Business and Industry
Sponsors (12)
Gustavo Rivera (D)*,
Jabari Brisport (D),
Cordell Cleare (D),
Leroy Comrie (D),
Michael Gianaris (D),
Brad Hoylman (D),
Robert Jackson (D),
Liz Krueger (D),
Zellnor Myrie (D),
Jessica Ramos (D),
Julia Salazar (D),
James Sanders (D),
Last Action
PRINT NUMBER 5542A (on 02/28/2024)
Official Document
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