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:

May 02, 2019
Puerto Rico Investors Sue To Claw Back More Than $1B

The federally appointed board overseeing Puerto Rico's restructuring sued a group of banks and bondholders for $1 billion on Thursday, capping off a flurry of lawsuits this week that seeks to claw back more than $5 billion in payments the board says were made while the island was functionally insolvent.
April 22, 2019
Creditors' Effort To Sue On Puerto Rico's Behalf Rebuffed

The unsecured creditors' committee in Puerto Rico's financial restructuring proceedings is facing considerable pushback in its bid to potentially sue over the past issuance of billions in commonwealth debt, seeing recent challenges from the island government, federal control board, and commonwealth bondholders.
February 14, 2019
Puerto Rico Fed. Board Sues For Island Senate's Financial Info

The federally appointed board overseeing Puerto Rico's financial overhaul announced Thursday that it has filed a complaint to compel the production of documents from the territory's Senate to get a fuller understanding of the island government's bank account balances.
January 31, 2019
Puerto Rico Pension Bondholders Have Valid Liens: 1st Circ.

The First Circuit has ruled holders of bonds issued by Puerto Rico's public pension fund have valid liens on employer contributions, saying the collateral was described in enough detail in financing statements for the bondholders to make the claim.
January 15, 2019
Puerto Rico Fed Board Looks To Invalidate $6B In Bond Debt

A federally-appointed board tasked with overseeing Puerto Rico's monumental debt restructuring joined with the island's unsecured creditors Monday to demand that $6 billion in general obligation bond debt be wiped out, arguing the bonds violated provisions in the Puerto Rican Constitution when they were issued a few years ago.
January 03, 2019
2 Cos. Fight Mellon Over Legal Fees In Puerto Rico Bond Row

Ambac Assurance Corp., Whitebox Multi-Strategy Partners and the Bank of New York Mellon are sparring in a Puerto Rico federal court over who will pay for Mellon's defense against Ambac and Whitebox's claims that it mismanaged the island's sales tax bonds.
December 20, 2018
Bipartisan Bill Targets McKinsey Conflicts In Puerto Rico

A bipartisan bill introduced Wednesday in the U.S. House of Representatives calls for enhanced disclosures by advisers contracted to work on restructuring proceedings in Puerto Rico, citing reports that consultant McKinsey & Co. may be looking out for its own investments in the commonwealth.
November 29, 2018
Puerto Rico Bankruptcy Fee Examiner Seeks More Scrutiny

The firms representing Puerto Rico's public debtors and creditor committees in the territory's restructuring cases should be subject to new controls over their ability to bill for experts and receive rate increases, a fee examiner has reported.
November 20, 2018
Revised Puerto Rico Sales Tax Plan Cleared For Creditor Vote

A plan to restructure nearly $18 billion in debt carried by the Puerto Rico Sales Tax Corp., or COFINA, will go to a creditor vote, the judge presiding over the U.S. territory's bankruptcy-like proceedings ruled Tuesday, putting the agency on track to confirm its debt adjustment scheme by mid-January.
November 16, 2018
AFT Files Adversary Case In Puerto Rico Bankruptcy

Two U.S. labor unions have hit Puerto Rico's government and its federally appointed oversight board with a lawsuit for failing to put the pension deposits for tens of thousands of public employees into proper accounts and instead "stashing" the money in non-interest bearing accounts at a scandal-plagued bank.