Puerto Rico Governor Files Objection to Debt Plan (1)

A plan to restructure $22 billion of Puerto Rico debt and fix the bankrupt island’s unfunded pension system won’t have the support of Governor Pedro Pierluisi.

The governor’s administration Tuesday filed a limited objection regarding the restructuring plan to the court overseeing Puerto Rico’s record bankruptcy, according to a court filing.

The governor’s plan to oppose, in part, the debt agreement follows his signature earlier this month on legislation that prohibits additional cuts to public pensions. Puerto Rico owes current and future retirees $55 billion and pays about $2 billion annually from its operating budget to cover pension checks. ...