Puerto Rico Board Wins Approval for Creditor Vote on Debt Plan

July 29, 2021, 4:57 PM

The financial oversight board overseeing Puerto Rico’s bankruptcy won court approval to send its debt-cutting proposal to creditors for a vote, setting up a months-long debate with island lawmakers who oppose the plan.

  • U.S. District Court Judge Laura Taylor Swain overruled the handful of remaining objections to a disclosure statement that creditors will receive in order to help them decide how to vote
  • The biggest issue hanging over the vote is whether island lawmakers will pass new legislation backing billions of dollars in new bonds needed to refinance commonwealth debt
  • Elected officials have said they won’t authorize new bonds without ...

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