COMMONWEALTH OF PUERTO RICO and Puerto Rico Public Buildings Authority (PBA)

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Case overview

Case Number:

3:17-bk-03283

Court:

Puerto Rico

Nature of Suit:

Firms

Companies

Sectors & Industries:

July 16, 2021
Bankruptcy Cases To Watch In The Second Half Of 2021

Though the pace of new bankruptcy cases slowed in the first half of 2021, the proceedings of large and complex cases continue to wind their way through the nation's insolvency courts. Here, Law360 gives a preview of what to expect for the remainder of 2021 in significant pending cases.
July 13, 2021
Puerto Rico Fiscal Board Seeks OK For Bankruptcy Plan Vote

Puerto Rico's fiscal management board told a bankruptcy judge Tuesday that the commonwealth's unsecured creditors have agreed to its restructuring plan and that the plan is ready to be sent out for a vote, while other creditors questioned whether the plan is legally viable.
April 14, 2021
Creditors Blast Puerto Rico Bond Claims Judgment Motion

A group of holders of Puerto Rican government bonds have asked a Puerto Rico bankruptcy judge to reject a request by the island's financial oversight board for a summary judgment on their claims on government revenues, saying the board is trying to force them into a settlement.
March 09, 2021
Puerto Rico Files Plan To Exit Restructuring By Year's End

The fiscal oversight board managing the insolvency proceedings of Puerto Rico announced Tuesday that it has filed a plan of adjustment that aims to end its restructuring case by the end of 2021 and calls for significantly slashing its $35 billion in bond debt.
February 24, 2021
House OKs Bill Requiring Puerto Rico Conflicts Disclosure

The U.S. House of Representatives on Wednesday passed without opposition a bill sparked by reports of consultant McKinsey & Co.'s Puerto Rican bond holdings calling for professionals working on the island's restructuring process to disclose potential conflicts of interest.
February 23, 2021
Puerto Rico's Fiscal Board Announces $11B Bond Debt Deal

Puerto Rico's fiscal oversight board announced Tuesday it has reached a deal with bondholders to cut $11.4 billion from the commonwealth's debt as it prepares to submit an overall reorganization plan to the courts next month.
July 08, 2020
Top Bankruptcy Cases Of 2020: Midyear Report

So far in 2020, the number of corporate bankruptcy filings has spiked significantly compared to the same period last year, as unprecedented economic headwinds have generated a liquidity crisis for many struggling companies in a trend that may continue for the rest of the year and into 2021, according to bankruptcy professionals.
June 15, 2020
Puerto Rico Sues Oversight Board Over Bid To Nullify Laws

The governor of Puerto Rico has filed a series of adversary complaints against the Financial Oversight and Management Board appointed to run the commonwealth's bankruptcy proceedings, saying the board has sought to nullify laws adopted by Puerto Rico's government.
April 28, 2020
Puerto Rico Floats Plan For $66M In Local Pension Repayment

The Financial Oversight and Management Board of Puerto Rico presented a plan Tuesday that will allow the island's 7 municipalities to repay the central government for $66 million in pension payments made by Puerto Rico for the 2020 fiscal year.
March 23, 2020
Puerto Rico Board Approves $787M In COVID-19 Spending

The Puerto Rico Financial Oversight Board announced Monday in the face of the "unprecedented reality" of the COVID-19 pandemic that it was authorizing the island's government to spend an additional $787 million on emergency measures.