Puerto Rico creditors hoping the commonwealth exits its more than four-year bankruptcy in 2021 will need to wait a bit longer as the U.S. Department of Justice may weigh in on the process, Bloomberg News reported. U.S.
Puerto Rico in Distress
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.