U.S. District Judge Laura Taylor Swain yesterday granted a request from the unsecured creditors' committee (UCC) that sought to set expedited deadlines for procedures for Puerto Rico to bring avoidance actions in its bankruptcy cases because of a looming deadline, Caribbean Business reported.
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Investors are hanging on to bonds issued as part of Puerto Rico’s massive restructuring effort, a sign of confidence in the fiscally troubled island’s prospects, the Wall Street Journal reported. Prices have edged higher for $12 billion in new debt backed by sales taxes that Puerto Rico issued several weeks ago.
Over the past month, hedge funds and other investors dumped more than $2.5 billion of debt they received in Puerto Rico’s record restructuring, a sell-off that made the sales-tax-backed securities the most actively traded in the municipal-debt market, Bloomberg reported.
The executive director of Puerto Rico’s federally created financial oversight board said that a plan to restructure the U.S. commonwealth’s core government debt likely cannot be done by the end of April, Reuters reported. An attorney for the board told a U.S.
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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.