Issue link: https://mbozikis.ufcontent.com/i/1422521
238 Furthermore, PROMESA requires the appointment of an Oversight Board for the purpose of incorporating some Federal oversight into the debtor-territory's restructuring process. 48 U.S.C. § 2121. An Oversight Board must consist of seven members appointed by the President of the United States 140 , and the statute mandates that the Oversight Board should: (i) work alongside the local government to schedule, process and approve fiscal plans; (ii) develop, submit and approve budgets for the debtor; and (iii) perform all other actions necessary to restructure the territory's debts. 48 U.S.C. §§ 2121(d), 2141 – 2142. In the Puerto Rico case, the Oversight Board was in charge of reviewing the territory's budgets and monitoring the creation of the Commonwealth's fiscal plan. The government of Puerto Rico had to submit and revise multiple fiscal plan proposals before the Oversight Board agreed to certify a fiscal plan. The approved fiscal plan was then used to frame negotiations with creditors and the territory's restructuring process as a whole. Currently, the Oversight Board plays an active role in Puerto Rico's Title III process as the representative of the debtors. 141 The Oversight Board submits filings on behalf of the debtors and has the authority to negotiate and approve restructuring support agreements with the territory's bondholders. 142 The Puerto Rico debt crisis is the first time that PROMESA is being utilized in a restructuring case, so there will continue to be interesting financial, political and legal issues that arise as the proceedings progress. C. Commencement of a Case A Chapter 9 proceeding may be commenced only by the filing of a voluntary petition. Unlike cases filed under other Chapters in which the clerk of the court automatically assigns a bankruptcy judge, upon a Chapter 9 filing, Section 921(b) provides that the chief judge of the court of appeals in the governing circuit will designate the bankruptcy judge to conduct the case. 11 U.S.C. § 921(b). 140 48 U.S.C. § 2121(e). 141 48 U.S.C. § 2175(b). 142 48 U.S.C. §§ 2175(b), 2124(i).