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.
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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.
The federal board overseeing Puerto Rico’s bankruptcy agreed Thursday to drop its opposition to legislation enacted earlier this week authorizing the island to raise new debt needed to complete its debt restructuring plan, WSJ Pro Bankruptcy reported. The disagreement between the oversight board and the U.S.
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