Puerto Rico in Distress

ABI Analysis

A federal request for a 10- to 15-week pause in the Puerto Rico Plan of Adjustment confirmation process as well as the related constitutional challenge to the underlying bankruptcy law may threaten the Puerto Rico debt deal, the Bond Buyer reported. Five attorneys with the U.S.

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 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.

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.