Puerto Rico’s federally-appointed oversight board on Wednesday made its case to reject $5.5 billion in bond debt as part of the commonwealth’s ongoing financial restructuring, Reuters reported. Appearing before U.S.
Puerto Rico in Distress
The lack of transparency and financial disclosures in the Puerto Rico bankruptcy process have been a continual problem on the island, according to a commentary in the Orlando Sentinel.
Democratic presidential nominee Joe Biden is calling on the federal government to offer debt relief to Puerto Rico as part of a broader plan to support the bankrupt U.S. territory as he works to appeal to Puerto Rican voters in Florida, Bloomberg News reported.
Puerto Rico bankruptcy Judge Laura Taylor Swain on Wednesday rejected bond insurers’ continued efforts to lift a stay on the claims for nearly $7 billion in revenue bond debt, The Bond Buyer reported. Swain rejected other arguments to lift the stay or to appoint the insurers as trustee in early July.