Puerto Rico Fiscal Plan Under Fire As Hearing Approaches

By Rick Archer (October 20, 2021, 2:53 PM EDT) -- Bondholders, bond underwriters, teachers and credit unions are among those who have registered their objections to Puerto Rico's proposed restructuring of the island's debt as the plan heads toward its confirmation hearing in three weeks.

Tuesday's deadline for objections to the Financial Oversight and Management Board for Puerto Rico's proposed reorganization plan for the island's debt saw about a dozen objections filed, including claims that the commonwealth has billions in extra assets to pay creditors and had forced its bonds on local credit unions.

The board's restructuring plan for the commonwealth's debts, first announced in February, calls for the outstanding principal...

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