san juan congress late attempt solve puerto rico debt crisis appear strengthen though creditor position robust fight influence write bill lawmakers start debate tuesday house natural resources committee present legislation formally call puerto rico oversight management economic stability act promesa last week several false start bill would put puerto rico finance federally appoint oversight board allow u.s. territory restructure 70 billion debt load threaten collapse economy already hamstring rampant emigration 45 percent poverty rate structure unchanged prior draft several small tweak seem benefit bondholders include restrict government ability override decisions seven-member board still elements bill ambiguous experts say include ability puerto rico enforce cut creditors debt portfolios bankruptcy-like court process without consent also refer cram-down strike obvious winners losers say david skeel bankruptcy expert professor university pennsylvania law school add lot depend end control board stance control board take bill also allow provision puerto rico 18 distinct debt-issuing agencies try come term consensually creditors cooperative process creditors would able vote debt restructure plan two-thirds creditor class would need support plan take effect promesa also refer h.r 5278 give significant latitude board manage puerto rico book form plan stabilize finance change prior version release april bill would strengthen language bar puerto rican government pass laws curb board authority end day real virtue vice bill strength control board height securities analyst daniel hanson follow puerto rico closely say interview late draft would also restrict government ability transfer property creditors liens case proposal cut repayments creditors would compel judge assess fairness proposal puerto rico constitution protection absent april draft protections seem modestly reassure market bill unveil last week investors bid price puerto rico benchmark july 2035 general obligation debt revise language certainly positive commonwealth go general obligation go-guaranteed bondholders attempt preserve constitutional protections currently enjoy bank america merrill lynch analysts write clients cram-down still new bill retain enough ambiguity make creditors nervous significantly preserve cram-down power one sense make easy start process late draft promesa remove pre-condition cram-down would require puerto rico first complete consensual workout talk creditors allow vote restructure plan current bill merely require puerto rico make good-faith efforts toward cooperative deal initiate cram-down action determine puerto rico satisfy fuzzy standard would oversight board give board leeway decide push puerto rico bankruptcy thus leverage creditor talk say melissa jacoby bankruptcy expert professor university north carolina school law important restructure provision strong enough provide leverage encourage voluntary deal jacoby say interview bill ask lot puerto rico respect therefore good deal puerto rico unless robust restructure possibility one creditor source authorize speak press voice concern good-faith efforts standard would assess know enforce question ask puerto rico crisis bill strengthen creditors cram-down remain