Puerto Rico Fiscal Board Says New Bond Group Is Not Needed

Law360 (July 20, 2021, 4:12 PM EDT) -- Puerto Rico's financial management board is asking the judge overseeing the commonwealth's bankruptcy case to reject a call for a committee to represent "retail" bondholders, saying they have been adequately represented in the case.

In an objection filed Monday, the Financial Oversight and Management Board for Puerto Rico said the smaller bondholders' issues with the proposed reorganization plan are not different enough from larger institutional bondholders' to warrant the time and expense of setting up a new committee.

The board was established in 2016 to oversee the island's finances under the Puerto Rico Oversight, Management, and Economic Stability Act, or PROMESA,...

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