The Puerto Rico Oversight Board on Friday filed suit against a law that would scuttle the negotiated plan of adjustment for the central government debt, the Bond Buyer reported. The board filed an adversary proceeding in the Title III bankruptcy in the U.S. District Court for Puerto Rico against the governor and legislative leaders in defense of the negotiated plan of adjustment.
Puerto Rico in Distress
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Puerto Rico’s attempts to overhaul its troubled public power utility are off to a rough start.
A plan to restructure $22 billion of Puerto Rico debt and fix the bankrupt island’s unfunded pension system won’t have the support of Governor Pedro Pierluisi, Bloomberg News reported. The governor intends to file an objection regarding the restructuring plan to the court overseeing Puerto Rico’s record bankruptcy, Pierluisi said in a statement yesterday.
Puerto Rico’s financial oversight board is aiming to get the commonwealth out of its record bankruptcy by the end of 2021, a move that is expected to help lift the island out of years of economic decline, Bloomberg News reported.
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The Financial Oversight and Management Board for Puerto Rico was created under the Puerto Rico Oversight, Management and Economic Stability Act of 2016. The Board consists of seven members appointed by the President of the United States and one ex officio member designated by the Governor of Puerto Rico. Access information on the Board, documents, videos of meetings, calendar of events and live webcasts by clicking here.