Supreme Court Chief Justice John Roberts has appointed a New York judge with experience overseeing bankruptcy and financial crime cases to preside over the bankruptcy of Puerto Rico, USA Today reported on Friday. Roberts named U.S.
Puerto Rico in Distress
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A little-noticed provision in a bill signed into law in 2016 places the fate of Puerto Rico in the hands of Supreme Court Chief Justice John Roberts, USA Today reported yesterday. PROMESA gives Chief Justice Roberts the power to appoint a U.S. district court judge to oversee the bankruptcy-like case involving a U.S. territory.
Puerto Rico has officially requested to enter into a bankruptcy-like proceeding to restructure its massive debt load after talks with its creditors failed, CNBC reported yesterday.
The cash-strapped island of Puerto Rico was hit with several lawsuits yesterday just hours after a stay on litigation expired as the commonwealth failed to reach a restructuring agreement with its bondholders on its massive debt load, CNBC reported yesterday.
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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.