COMMONWEALTH OF PUERTO RICO

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Case overview

Case Number:

3:17-bk-03283

Court:

Puerto Rico

Nature of Suit:

Firms

Companies

Sectors & Industries:

November 22, 2021
Board Says It Has Power Over Puerto Rico's Bankruptcy Plan

The Financial Oversight and Management Board pursuing a restructuring of Puerto Rico's debt made its final arguments in support of its bankruptcy plan Monday, telling a federal judge that the legislation that created the board gives it the sole power to determine the treatment of the island's creditors.
November 17, 2021
Puerto Rico Says New Debt Law Allows For Pension Changes

The Financial Oversight and Management Board administering the bankruptcy case of Puerto Rico said Wednesday that a recently passed debt authorization law doesn't bar changes to public employee pensions included in the island's proposed restructuring plan and that the plan had been adapted to fit the strictures of the law.
November 15, 2021
Puerto Rico Defends Bankruptcy Plan's Legal Supremacy

The Financial Oversight and Management Board pursuing the restructuring of Puerto Rico's debt said Monday its plan should preempt existing commonwealth laws to be consistent with the legislation that authorized the island's bankruptcy filing because otherwise, the proposed plan wouldn't be feasible.
November 12, 2021
Puerto Rico Rests Bankruptcy Case With Economy Testimony

Puerto Rico's Financial Oversight and Management Board rested its case Friday as it pursues confirmation of its proposed bankruptcy plan after its final witnesses testified that the island needs to implement reforms to address structural problems with its economy, including low labor participation and extensive tax subsidy programs.
November 10, 2021
Puerto Rico's Bankruptcy Trial Turns To The Evidence

The bankruptcy plan confirmation trial for the Commonwealth of Puerto Rico continued Wednesday in San Juan as the Financial Oversight and Management Board presented its first five witnesses to testify in support of its proposed plan.
November 09, 2021
Residents Rip Priorities In Puerto Rico's Bankruptcy Plan

Several residents of Puerto Rico told the federal judge overseeing the island's bankruptcy case Tuesday that they have grave concerns the proposed restructuring plan favors bondholders at the expense of commonwealth citizens.
November 08, 2021
Puerto Rico Plan Confirmation Opens With Debt Holder Deal

The long-awaited confirmation hearing for the bankruptcy plan proposed by the Commonwealth of Puerto Rico began Monday with news of a deal that converted a sizable constituency of debt holders into supporters of the plan.
November 04, 2021
Puerto Rico Oversight Board Files 8th Amended Reorg Plan

Puerto Rico's fiscal oversight board declared Thursday that it will move ahead with confirmation hearings next week on an eighth amended bankruptcy reorganization plan that eliminates modifications or cuts to the pensions of active or retired commonwealth employees, heading off major opposition.
November 01, 2021
Puerto Rico To Send Notice To Retirees On Bankruptcy Plan

Puerto Rico's Financial Oversight and Management Board told a New York federal judge Monday it would be sending out updated notices to commonwealth employees and retirees, explaining the impact on their pensions of a bond authorization act passed by the island's Legislature last week.
October 25, 2021
Time Running Out For Puerto Rico Debt Plan, Judge Says

The judge overseeing Puerto Rico's debt restructuring told the island's financial oversight board and its elected officials on Monday that dismissal of the case is on the table if they can't resolve their differences over pension language in a bond authorization bill.