COMMONWEALTH OF PUERTO RICO

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Case overview

Case Number:

3:17-bk-03283

Court:

Puerto Rico

Nature of Suit:

Firms

Companies

Sectors & Industries:

January 15, 2019
Puerto Rico Fed Board Looks To Invalidate $6B In Bond Debt

A federally-appointed board tasked with overseeing Puerto Rico's monumental debt restructuring joined with the island's unsecured creditors Monday to demand that $6 billion in general obligation bond debt be wiped out, arguing the bonds violated provisions in the Puerto Rican Constitution when they were issued a few years ago.
January 03, 2019
2 Cos. Fight Mellon Over Legal Fees In Puerto Rico Bond Row

Ambac Assurance Corp., Whitebox Multi-Strategy Partners and the Bank of New York Mellon are sparring in a Puerto Rico federal court over who will pay for Mellon's defense against Ambac and Whitebox's claims that it mismanaged the island's sales tax bonds.
December 20, 2018
Bipartisan Bill Targets McKinsey Conflicts In Puerto Rico

A bipartisan bill introduced Wednesday in the U.S. House of Representatives calls for enhanced disclosures by advisers contracted to work on restructuring proceedings in Puerto Rico, citing reports that consultant McKinsey & Co. may be looking out for its own investments in the commonwealth.
November 29, 2018
Puerto Rico Bankruptcy Fee Examiner Seeks More Scrutiny

The firms representing Puerto Rico's public debtors and creditor committees in the territory's restructuring cases should be subject to new controls over their ability to bill for experts and receive rate increases, a fee examiner has reported.
November 20, 2018
Revised Puerto Rico Sales Tax Plan Cleared For Creditor Vote

A plan to restructure nearly $18 billion in debt carried by the Puerto Rico Sales Tax Corp., or COFINA, will go to a creditor vote, the judge presiding over the U.S. territory's bankruptcy-like proceedings ruled Tuesday, putting the agency on track to confirm its debt adjustment scheme by mid-January.
November 16, 2018
AFT Files Adversary Case In Puerto Rico Bankruptcy

Two U.S. labor unions have hit Puerto Rico's government and its federally appointed oversight board with a lawsuit for failing to put the pension deposits for tens of thousands of public employees into proper accounts and instead "stashing" the money in non-interest bearing accounts at a scandal-plagued bank.
November 07, 2018
Puerto Rico Gov't Bank Restructuring Deal Gets Court OK

The federal judge overseeing Puerto Rico's bankruptcylike proceedings on Tuesday approved a contentious $4.1 billion deal to restructure its Government Development Bank over the objections of some creditors, making it the first of the island's insolvent public entities to successfully restructure its debts out of court.
October 23, 2018
Puerto Rican Board Fights Creditors' Collateral Bid At 1st Circ.

The government agency representing Puerto Rico's largest public pension fund has asked the First Circuit to uphold a ruling denying bondholders' claims to the fund's collateral under the island's bankruptcy process.
September 18, 2018
Creditors Can't Put Stop To Puerto Rico GDB Restructuring

A Puerto Rico federal judge denied on Tuesday a motion by unsecured creditors in its government's bankruptcy proceedings to enforce a stay and prevent a proposed Government Development Bank restructuring, finding that neither the automatic stay nor the court's stay order applies to moves made by the debtor.
July 25, 2018
Puerto Rico Gov't Battles Over Fed. Board Budgeting Powers

Attorneys for Puerto Rico's governor and lawmakers told the judge presiding over the island's bankruptcy-like cases on Wednesday that the federal board appointed to oversee the restructuring process must be stopped from implementing fiscal plans that effectively change legislative policy in the commonwealth.