Puerto Rico’s federally created financial oversight board asked a federal appeals court yesterday to extend a July 15 deadline for its members to be confirmed by the U.S. Senate, citing concerns that missing it could harm an ongoing restructuring of the bankrupt U.S. commonwealth’s debt, Reuters reported. The action followed an announcement by a U.S.
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Puerto Rico’s federally created financial oversight board on Monday defended a new agreement with creditors, saying it will result in an affordable and sustainable debt level and allow the U.S. commonwealth to exit bankruptcy next year, WSJ Pro Bankruptcy reported.
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.
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.
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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.