§2146 Oversight Board duties related to restructuring

Summary

The Oversight Board must find four things before it can certify an entity (as defined in bankruptcy law) for debt restructuring. The entity must have tried in good faith to reach a deal with creditors. It must have set up ways to produce timely audited financial statements and must have published draft statements and enough other information for interested parties. It must have an Oversight Board‑certified Fiscal Plan, either as a covered territory or as a covered territorial instrumentality. Either no Qualifying Modification under section 2231 has been approved, or if one has been approved and the entity still cannot pay, the claims affected by that modification must be handled in a subchapter III case. At least 5 Oversight Board members must vote yes to issue the certification, and that vote satisfies the requirement in section 2162(2).