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Puerto Rico

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  1. December 09, 2022

    Puerto Rico Fiscal Board Gets More Time For Utility Plan

    Puerto Rico's fiscal oversight board secured yet another filing deadline extension regarding its electric utility's refinancing plan Friday, getting five extra days after telling the court they cut a deal with the holders of more than $700 million in bonds and could reach additional deals if mediation continues.

  2. September 26, 2022

    Puerto Rico Fiscal Board Says PREPA Talks Ideas Won't Work

    Puerto Rico's fiscal oversight board and the unsecured creditors of its electric utility are objecting to portions of a proposal to restart mediation on the utility's restructuring plan, saying it's impractical to write a plan without a court decision on how bondholders will be treated.

  3. September 23, 2022

    Boy Scouts Appeals Roll In, Alex Jones Ch. 11 Attys Nixed

    More than a dozen insurers commenced appeals of the Boy Scouts of America's confirmed Chapter 11 plan, proposed attorneys and advisers in an Alex Jones-linked bankruptcy were disqualified, and talc injury claimants questioned the good faith of Johnson & Johnson's talc unit in filing for bankruptcy. This is the week in bankruptcy.

  4. September 22, 2022

    Mediators Urge Deadline For Puerto Rico Utility Reorg Plan

    The mediators who had been overseeing talks aimed at creating a restructuring plan for Puerto Rico's electric utility asked a federal judge on Thursday to restart the stalled talks and set a 60-day deadline for the island's fiscal oversight board to file a reorganization plan for the agency.

  5. April 09, 2019

    Muni Market Anxiety Teed Up In 1st Circ. Puerto Rico Appeal

    Municipal bond insurers issued a stern warning Tuesday to the First Circuit asking that it revise its own ruling from last month that Puerto Rico does not have to make payments on special revenue bonds during its bankruptcy-like cases, saying the ruling creates market uncertainty and undermines long-held industry beliefs.

  6. October 05, 2018

    Bondholders Seek To Appoint Receiver For Puerto Rico Utility

    A group of bondholders on Thursday renewed their call to put a receiver in charge of Puerto Rico's electric utility, while the island's federally appointed fiscal oversight board sought information from the governor's office about an announced electric rate cut.

  7. June 05, 2018

    1st Circ. Mulls Creditors' Role In Puerto Rico Recovery

    The First Circuit on Tuesday questioned whether a group of bondholders can step in and influence the actions of Puerto Rico's struggling public entities, during a morning of arguments before the appellate panel centering on the island commonwealth's historic restructuring.

  8. February 16, 2018

    Muni Market Shaken By Puerto Rico Special Revenues Ruling

    Municipal bonds secured by pledged special revenue streams have long been prized as safe bets, but a recent ruling in Puerto Rico's restructuring cases that payment on those obligations is not required in bankruptcy has riled investors and left legal experts confounded over a largely untested Bankruptcy Code provision.

  9. November 03, 2017

    Puerto Rico Gov't Fights Appointment Of Utility Manager

    The government of Puerto Rico is pushing back against the installation of an emergency manager to run the island's beleaguered electric utility, saying Friday that the federal board overseeing the territory's finances is attempting to overstep the powers it was granted by Congress.

  10. November 01, 2017

    Puerto Rico Blasts Request For Restructuring Litigation Stay

    Puerto Rico has asked the federal judge overseeing its bankruptcy-like restructuring to deny one creditor's request to pause the massive case for 90 days in the wake of Hurricane Maria, saying a speedy resolution is essential to the island's recovery.