Puerto Rico Restructuring Plan Gets Long-Awaited Court OK
By Rick Archer (January 18, 2022, 5:46 PM EST) -- The federal judge overseeing Puerto Rico's bankruptcy case approved the proposed fiscal adjustment plan for the island's government Tuesday, after nearly four years in court.
U.S. District Court Judge Laura Taylor Swain approved the plan put forward by the Financial Oversight and Management Board, saying it did not violate either the 2016 Puerto Rico Oversight, Management, and Economic Stability Act or the U.S. Constitution.
Puerto Rico, weakened by nearly a decade of recession and $70 billion in debt, sought a form of bankruptcy protection and court-supervised restructuring in May 2017. The commonwealth took the step under Title III of PROMESA a...
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