Regional news: Puerto Rico

US court approves historic Puerto Rico restructuring

Puerto Rico has won approval for the first territorial debt restructuring in United States history with a plan that will see the island cut its public debt by about 80% and save more than US$50 billion in debt repayments.

19 January 2022

McKinsey agrees SEC fine over insider trading policies

McKinsey & Company has agreed to pay US$18 million to settle claims it failed to fully prevent the risk of insider trading in relation to investments in clients for which the firm also acted as a consultant – including bankrupt energy group SunEdison and Puerto Rico.

24 November 2021

Ship insurer seeks winding up of Cayman vessel owner after coral reef crash

A Bermudian ship insurer pursued by the US Department of Justice for environmental damages has asked a Cayman Islands court to wind up oil tanker owner Margara, 15 years after one of its vessels caused damage to a coral reef off the coast of Puerto Rico.

12 November 2021

Former Norton Rose restructuring chair joins O’Melveny in Texas

O’Melveny & Myers has launched a new office in Dallas with the hire of four partners from Norton Rose Fulbright – including its former global restructuring head Louis Strubeck.

30 June 2021

Heads-Up: Todd Snyder at Piper Sandler in New York

Featured in Heads-Up

A few months after taking over as Piper Sandler’s global head of restructuring, veteran Wall Street banker Todd Snyder speaks to GRR about a potential boom in infrastructure investment, why sub-Saharan Africa is a likely place for new investment activity and his “almost religious” belief in the importance of restructuring to the good functioning of the free market.

15 March 2021

US not liable for Puerto Rico bond losses

The US Court of Federal Claims has rejected claims from a group of Puerto Rico pension bondholders that the US government should compensate them for losses incurred during the territory’s US$120 billion bond and pension debt restructuring.

26 November 2020

New restructuring co-chair for Schulte Roth & Zabel

Schulte Roth & Zabel has hired a new co-head for its business reorganisation group, who says he is going to help build the firm’s fund relationships and continue to grow its debtor-side practice.

06 November 2020

Puerto Rico racketeering claims temporarily withdrawn

A former Paul Hastings bankruptcy lawyer that accused his old firm and other prominent parties of racketeering in Puerto Rico has withdrawn his complaint – but says he plans to re-file it.

24 July 2020

Puerto Rico begins “march out of bankruptcy” with adjustment plan

The board overseeing Puerto Rico’s US$129 billion bankruptcy has filed an adjustment plan to deal with the bulk of its government debt.

30 September 2019

Puerto Rico reaches US$35bn restructuring deal

Puerto Rico’s oversight board has reached an agreement with some of the territory's bondholders to resolve US$35 billion worth of debt and non-debt claims, but the island's government has vowed not to implement it.

17 June 2019

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