The U.S. Supreme Court yesterday declined to review a lower court ruling upholding the validity of security interests by pension bondholders seeking Puerto Rican pension assets before the start of bankruptcy proceedings, Pensions & Investments reported. The validity of the claims themselves is still being litigated at the U.S. District Court level.
Puerto Rico in Distress
Video Features
ABI Analysis
A Puerto Rico utility contractor ensnared in a federal corruption case is demanding to be paid $216 million for repair work the company did on the U.S. territory’s electrical grid, WSJ Pro Bankruptcy reported.
A federal control board that oversees Puerto Rico’s finances filed a long-awaited plan on Friday that it says would reduce the U.S. territory’s debt by more than 60 percent and pull the island out of bankruptcy, the Associated Press reported. The plan comes three years after U.S.
A U.S. House of Representatives committee will take up a proposal next month to amend a 2016 federal law that created a financial oversight board for Puerto Rico with changes aimed at the board's funding and spending priorities in the island's budget, NBCNews.com 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.