Puerto Rican Agencies Added To Restructuring

Law360, New York (May 22, 2017, 6:51 PM EDT) -- The number of entities engaged in Puerto Rico's restructuring doubled over the weekend to four, as the board overseeing the U.S. territory's bankruptcy-like process filed relief petitions for the island's largest public pension system and its transportation agency, which both owe billions to debt holders.

The Financial Oversight and Management Board for Puerto Rico filed the cases in San Juan federal court on Sunday, seeking protection under Title III of the 2016 Puerto Rico Oversight, Management, and Economic Stability Act for the territory's Highways and Transportation Authority and Employees Retirement System.

Board chairman José Carrión said that the two agencies, like...

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