Provides for restructuring unsustainable sovereign and subnational debt

This bill, titled the "Sovereign Debt Stability Act," creates a voluntary legal process for countries or subnational regions (like provinces) with unsustainable debt to restructure payments under New York law. It allows debtor states to file a petition with New York, choose between two restructuring pathways (standard process or an alternative option), and engage creditors through a court-supervised plan. The key mechanism requires debtor states to notify creditors and follow specific steps for debt reconciliation, financing, and dispute resolution, aiming to reduce financial risks to New York as a global financial hub. It does not directly affect U.S. states or municipalities but targets international debtors whose obligations are governed by New York law.