The U.S. Supreme Court upheld the oversight board responsible for resolving Puerto Rico’s debt crisis, rejecting a bondholder challenge and bolstering the panel’s efforts to pull the island out of its record bankruptcy.
In a unanimous decision Monday, the Supreme Court said the board was appointed constitutionally, dismissing contentions that members needed to be nominated by the president and confirmed by the Senate.
A ruling against the board would have meant more upheaval for a U.S. territory that has been pounded by a hurricane in 2017 and earthquakes and the coronavirus outbreak this year. The bondholders, led by Aurelius Investment...