Certain entities owning Puerto Rico's General Obligation bonds filed a suit in the U.S. District Court for the Southern District of New York today, seeking to invalidate the Emergency Moratorium and Financial Rehabilitation Act enacted by the Commonwealth to delay the repayment of debts.
Backyard Bondholders Inc. will host its first major forum on June 27 featuring a series of conferences focusing on how Puerto Rico’s fiscal crisis is directly affecting more than 60,000 island residents holding bonds representing some $15 billion in public debt.
Following an all-day session, the U.S. House passed H.R. 5278, known as the Puerto Rico Oversight, Management, and Economic Stability Act (“PROMESA”) on Thursday, with a bipartisan vote of 297-127 and a number of amendments.
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