The Special Claims Committee of the Financial Oversight and Management Board for Puerto Rico today filed a complaint against several fuel suppliers and laboratories seeking to recover potentially billions of dollars in fraudulent payments made by the Puerto Rico Electric Power Authority. The Oversight Board’s complaint alleges that between 2002 and 2015 certain fuel suppliers […]
The current Financial Oversight and Management Board for Puerto Rico is attempting to invalidate more than $6 billion of general obligation bonds and to initiate clawbacks of principal and interest payments to bondholders. It claims that the bonds were issued in excess of a Puerto Rico constitutional debt limit, notwithstanding the Commonwealth’s specific representations to […]
The Financial Oversight and Management Board for Puerto Rico announced it reached an agreement with certain Commonwealth bondholders on the framework for a plan of adjustment to resolve $35 billion worth of debt and non-debt claims against the government. The agreement will reduce the amount of Commonwealth-related bonds outstanding to less than $12 billion, a […]
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