Puerto Rico’s federally created financial oversight board said on Sunday it has entered into an agreement with bondholders to provide “a framework for a plan of adjustment” to address $35 billion of claims against the bankrupt U.S. territory, Reuters reported.
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Puerto Rico’s federal overseers have agreed to roll back some planned pension cuts under a proposed settlement with retirees, a key step toward wrapping up its more than two-year-old bankruptcy, the Wall Street Journal reported.
Fee examiner Brady Williamson has submitted for U.S. District Court approval in Puerto Rico’s bankruptcy-like process up to $52.3 million in legal and service fees for 13 entities from October to January, along with a warning about increasing litigation costs, Caribbean Business reported.
An electric utility contractor that turned Puerto Rico’s lights back on after Hurricane Maria now is ensnared in contract-steering probes as federal authorities scrutinize billions of dollars in public reconstruction spending across the U.S. territory, WSJ Pro Bankruptcy 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.