Congress took a major step yesterday toward enacting bipartisan legislation that would require McKinsey & Co. and other firms and professionals steering Puerto Rico through bankruptcy to disclose potential conflicts of interest, WSJ Pro Bankruptcy reported.
Puerto Rico in Distress
Video Features
ABI Analysis
Puerto Rican citizens got a chance on Tuesday to express their fears about a massive debt overhaul plan before a judge with the power to decide Puerto Rico’s economic future, the Washington Post reported.
Puerto Rico is making its case in bankruptcy court for a plan to slash billions of dollars in debt, an expensive process that has so far racked up nearly $1 billion in legal and professional fees that island residents will pay, Bloomberg News reported.
A federal board overseeing Puerto Rico’s bankruptcy this week filed a new plan for restructuring the U.S. territory’s debt that preserves pension benefits for retired public-sector employees, a point of contention that had threatened to derail the debt-restructuring deal, WSJ Pro Bankruptcy reported. Hearings on the revised plan are scheduled to start on Monday in the U.S.
Other Resources
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.