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SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

(a) Short Title.--This Act may be cited as the ''Puerto Rico
Emergency Financial Stability Act of 2015''.
(b) Table of Contents.--The table of contents of this Act is as
follows:

Sec. 1. Short title; table of contents.
Sec. 2. Findings and purposes.
Sec. 3. Effective date.
Sec. 4. Severability.
Sec. 5. Definitions.
Sec. 6. Automatic stay.

SEC. 2. FINDINGS AND PURPOSES.

(a) Findings.--Congress finds the following--
(1) The Commonwealth Government is confronted with a dire
fiscal emergency and liquidity crisis that imminently threatens
the welfare of the people of the Commonwealth, affecting the
provision of essential public services including public safety,
health care, and education that are needed both to sustain the
welfare of the people and the economic ability of the
Commonwealth to address any future resolution of debts and
legal obligations.
(2) A temporary stay on litigation with respect to debt
holders for the Commonwealth is essential to provide breathing
space to the Commonwealth, creditors, and the Congress to
determine an orderly process for the Commonwealth to address
any future resolution of legal obligations and to provide the
Commonwealth a path to sustainable growth; and thereby, protect
the lives of more than 3.5 million American citizens living in
the Commonwealth.
(3) The Commonwealth is in a state of fiscal emergency
brought on by, among other things, a combination of accumulated
operating deficits, cash shortages, management inefficiencies,
and excessive borrowing.
(4) The Commonwealth Government's debt is unusually
complex, with eighteen different but inter-related issuers.
(A) There is an even larger number of creditor
groups, each of which may have divergent interests.
(B) The debt's unusual complexity will
substantially complicate any potential consensual
restructuring in the absence of Federal legislation to
facilitate the negotiations.
(5) This legislation, which includes a stay on litigation
by debt holders, can protect essential government services and
help the Commonwealth address its liabilities in an orderly
fashion, benefitting all stakeholders.
(A) A temporary stay on litigation is essential to
facilitate an orderly process for stabilizing,
evaluating, and comprehensively resolving the
Commonwealth's fiscal crisis.
(B) Avoiding a disorderly race to the courthouse
will benefit creditors as well as other stakeholders.
(C) Furthermore, the stay is only temporary.
(b) Purposes.--The purposes of this Act are to--
(1) provide a limited period of time to permit Congress to
enact comprehensive relief for the Commonwealth, providing it
the necessary tools to address its economic and fiscal crisis;
and
(2) provide the Commonwealth Government with a tool it
needs to address an immediate and imminent crisis that is
unprecedented in the history of the United States.

SEC. 3. EFFECTIVE DATE.

This Act shall take effect on the date of the enactment of this
Act.

SEC. 4. SEVERABILITY.

If any provision of this Act or the application thereof to any
person or circumstance is held invalid, the remainder of this Act, or
the application of that provision to persons or circumstances other
than those as to which it is held invalid, is not affected thereby.

SEC. 5. DEFINITIONS.

In this Act:
(1) Bond.--The term ''Bond'' means a bond, loan, line of
credit, note, or other borrowing title, in physical or
dematerialized form, of which--
(A) the issuer, borrower, or guarantor is the
Commonwealth Government; and
(B) the date of issuance or incurrence of debt
precedes the date of enactment of this Act.
(2) Commonwealth.--The term ''Commonwealth'' means the
Commonwealth of Puerto Rico.
(3) Commonwealth government.--The term ''Commonwealth
Government'' means the government of the Commonwealth of Puerto
Rico, including all its political subdivisions, public
agencies, instrumentalities, and public corporations.
(4) Court.--The term ''court'' means the United States
District Court for the District of Puerto Rico.
(5) Other terms.--Any other term that is used in section 6
and is defined in title 11, United States Code, has the same
meaning in section 6.

SEC. 6. AUTOMATIC STAY.

(a) Except as otherwise provided in this section, the enactment of
this Act operates with respect to any claim, debt, or cause of action
related to a Bond as a stay, applicable to all entities (as such term
is defined in section 101 of title 11, United States Code), of--
(1) the commencement or continuation, including the
issuance or employment of process, of a judicial,
administrative, or other action or proceeding against the
Commonwealth Government or to recover a claim against the
Commonwealth Government;
(2) the enforcement, against the Commonwealth Government or
against property of the Commonwealth Government, of a judgment;
(3) any act to obtain possession of property of the
Commonwealth Government or of property from the Commonwealth
Government or to exercise control over property of the
Commonwealth Government;
(4) any act to create, perfect, or enforce any lien against
property of the Commonwealth Government;
(5) any act to create, perfect, or enforce against property
of the Commonwealth Government any lien to the extent that such
lien secures a claim;
(6) any act to collect, assess, or recover a claim against
the Commonwealth Government; and
(7) the setoff of any debt owing to the Commonwealth
Government against any claim against the Commonwealth
Government.
(b) The enactment of this Act does not operate as a stay under
subsection (a) of this section, of the continuation of, including the
issuance or employment of process, a judicial, administrative, or other
action or proceeding against the Commonwealth Government that was
commenced on or before the date of enactment of this Act.
(c) Except as provided in subsection (d), (e), or (f), a stay of an
act under subsection (a) shall cease to have effect as of April 1,
2016.
(d) On motion of a party in interest and after notice and a
hearing, the court may grant relief from a stay under subsection (a)--
(1) for cause, including the lack of adequate protection of
a security interest in property of such party in interest; or
(2) with respect to a stay of an act against property under
subsection (a), if--
(A) the debtor does not have an equity in such
property; and
(B) such property is not necessary for the
Commonwealth to provide essential services;
(e) Thirty days after a request under subsection (d) of this
section for relief from the stay of any act against property of the
Commonwealth Government under subsection (a) of this section, such stay
is terminated with respect to the party in interest making such
request, unless the court, after notice and a hearing, orders such stay
continued in effect pending the conclusion of, or as a result of, a
final hearing and determination under subsection (d) of this section. A
hearing under this subsection may be a preliminary hearing, or may be
consolidated with the final hearing under subsection (d) of this
section. The court shall order such stay continued in effect pending
the conclusion of the final hearing under subsection (d) of this
section if there is a reasonable likelihood that the party opposing
relief from such stay will prevail at the conclusion of such final
hearing. If the hearing under this subsection is a preliminary hearing,
then such final hearing shall be concluded not later than 30 days after
the conclusion of such preliminary hearing, unless the 30-day period is
extended with the consent of the parties in interest or for a specific
time which the court finds is required by compelling circumstances.
(f) Upon request of a party in interest, the court, with or without
a hearing, shall grant such relief from the stay provided under
subsection (a) of this section as is necessary to prevent irreparable
damage to the secured interest of an entity in property, if such
interest will suffer such damage before there is an opportunity for
notice and a hearing under subsection (d) or (e) of this section.
(g) No order, judgment, or decree entered in violation of this
section will have any force or effect.
(h) In any hearing under subsection (d) or (e) concerning relief
from a stay--
(1) the party requesting such relief has the burden of
proof on the issue of the debtor's equity in property; and
(2) the party opposing such relief has the burden of proof
on all other issues.
Output:
Puerto Rico Emergency Financial Stability Act of 2015 This bill grants a temporary stay (until April 1, 2016, with specified exceptions) of any litigation, liens, or other collection actions to recover debts owed by the government of the Commonwealth of Puerto Rico and allows relief from such stay only in limited circumstances.