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:

July 25, 2019
Judge Orders Mediation For $25B Puerto Rico Bond Disputes

The federal judge overseeing Puerto Rico's massive restructuring has ordered all the parties involved in dozens of legal battles over nearly $25 billion in bond debt into mediation for the next four months, in the hope of resolving or at least streamlining the complicated issues at play.
July 12, 2019
PR Bondholders Say Debt Dispute Should Go Forward

Two groups of Puerto Rican bondholders are asking a federal court to reject the island's financial oversight board's request to halt action on its attempt to end $6 billion in bond debt because of a pending settlement, saying only a fraction of bondholders have approved the deal.
July 08, 2019
Puerto Rico Oversight Board Sues To Stop Benefits Law

Puerto Rico's financial oversight board has asked a federal judge to overrule a recently enacted law it said will undermine the board's fiscal plans by transferring $1.7 billion in employee benefit costs from local municipalities to the commonwealth.
July 03, 2019
Court Denies PR Judges' Go-Ahead For Pension Suit

The judge overseeing Puerto Rico's restructuring has denied an association of the island's judges permission to file a suit contesting possible pension cuts, saying it would be best for them to hold their objections until the restructuring plan is presented for approval.
June 17, 2019
PR's Management Board Announces Deal To Trim $35B Debt

Puerto Rico's financial advisory board has announced a deal with bondholders to cut $23 billion of the island's debt, but is facing opposition from the island's government over the recently revealed pension cuts that would come with the package.
June 13, 2019
Willkie Asks For $15M For Puerto Rico Bankruptcy Work

Willkie Farr & Gallagher LLP has asked the Puerto Rican bankruptcy court to approve just under $15.6 million in compensation for its work on the territory's restructuring proceedings, saying it was able to conclude a settlement and wrap up close to $6 million under budget.
May 02, 2019
Puerto Rico Investors Sue To Claw Back More Than $1B

The federally appointed board overseeing Puerto Rico's restructuring sued a group of banks and bondholders for $1 billion on Thursday, capping off a flurry of lawsuits this week that seeks to claw back more than $5 billion in payments the board says were made while the island was functionally insolvent.
April 22, 2019
Creditors' Effort To Sue On Puerto Rico's Behalf Rebuffed

The unsecured creditors' committee in Puerto Rico's financial restructuring proceedings is facing considerable pushback in its bid to potentially sue over the past issuance of billions in commonwealth debt, seeing recent challenges from the island government, federal control board, and commonwealth bondholders.
February 14, 2019
Puerto Rico Fed. Board Sues For Island Senate's Financial Info

The federally appointed board overseeing Puerto Rico's financial overhaul announced Thursday that it has filed a complaint to compel the production of documents from the territory's Senate to get a fuller understanding of the island government's bank account balances.
January 31, 2019
Puerto Rico Pension Bondholders Have Valid Liens: 1st Circ.

The First Circuit has ruled holders of bonds issued by Puerto Rico's public pension fund have valid liens on employer contributions, saying the collateral was described in enough detail in financing statements for the bondholders to make the claim.