Puerto Rico bondholders in court yesterday denounced the island’s sales tax authority, COFINA, as a sham “end-run” around its constitution, in a creditor battle for control of the bankrupt, storm-ravaged island’s future tax revenues, Reuters reported.
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Puerto Rico’s latest turnaround plan boosts the insolvent U.S. territory’s projected ability to pay debt, but the plan’s absence of pension cuts and layoffs means some alterations may be in store, courtesy of the island’s oversight board, Reuters reported.
Puerto Rico’s governor yesterday fiercely defended his administration’s right to help steer the insolvent, storm-ravaged island out of bankruptcy after a U.S. congressman said the process should be led by the island’s creditors and federally appointed oversight board, Reuters reported. In a scorching, 6,000-word letter delivered yesterday to Rep.
Puerto Rico’s governor said yesterday that he would submit a revised fiscal turnaround plan on Thursday to the island’s federally appointed oversight board, but the plan would not include labor reforms and pension cuts the board demanded, Reuters reported.
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The Financial Oversight and Management Board for Puerto Rico was created under the Puerto Rico Oversight, Management and Economic Stability Act of 2016. The Board consists of seven members appointed by the President of the United States and one ex officio member designated by the Governor of Puerto Rico. Access information on the Board, documents, videos of meetings, calendar of events and live webcasts by clicking here.