New York S02333 amends the debtor and creditor law to provide mechanisms for restructuring unsustainable sovereign and subnational debt.

New York S02333, known as the "sovereign debt stability act," amends the debtor and creditor law by adding a new article for restructuring unsustainable sovereign and subnational debt. The act allows debtor states to file a voluntary petition for relief with the state of New York. It defines terms such as "debtor state," "plan," and "claim." The act outlines procedures for debt reconciliation, submission and voting on a restructuring plan, and financing the restructuring. It also establishes the priority of repayment and adjudication of disputes.

New York S02333 amends the debtor and creditor law to provide mechanisms for restructuring unsustainable sovereign and subnational debt.

New York S02333, known as the "sovereign debt stability act," amends the debtor and creditor law by adding a new article for restructuring unsustainable sovereign and subnational debt. The act allows debtor states to file a voluntary petition for relief with the state of New York. It defines terms such as "debtor state," "plan," and "claim." The act outlines procedures for debt reconciliation, submission and voting on a restructuring plan, and financing the restructuring. It also establishes the priority of repayment and adjudication of disputes.