The Commonwealth of Puerto Rico and its official committee of retired employees of the Commonwealth of Puerto Rico’s filed with the U.S. Bankruptcy Court separate objections to the motion seeking appointment of additional committee of government employees and active pension plan participants or, in the alternative, reconstitution of the retiree committee, BankruptcyData.com reported today.
Puerto Rico in Distress
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A group of hedge funds that hold about $3 billion of Puerto Rico sales-tax bonds released court documents showing how much of the commonwealth’s debt that each manages, Bloomberg reported yesterday. The disclosure is part of Puerto Rico’s record bankruptcy.
Hedge funds holding Puerto Rico bonds sued the U.S. government, the first time creditors have tried to put federal taxpayers on the hook for losses suffered in the island’s debt crisis, The Wall Street Journal reported on Thursday. A bondholder group represented by the Jones Day filed suit in the U.S. Court of Federal Claims.
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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.