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Democratic senators in the US plan to introduce a draft bill that will give debt-ridden Puerto Rico the right to terminate its public unsecured debt, and make US$15 billion of federal funds available for some of the island’s creditors – but not for hedge funds or bond issuers.
29 January 2018
A US court has blocked creditor attempts to appoint a receiver over Puerto Rico's insolvent electric authority, finding it lacked sufficient power to transfer control of the utility without gaining the consent of the island's federally appointed oversight board.
15 September 2017
After years of legal wrangling and negotiations with bondholders, Puerto Rico has filed for court protection in San Juan, citing debts of US$74 billion; GRR traces the final movements that led to the opening of the biggest local government bankruptcy proceeding in US history.
04 May 2017
Global discount footwear retailer Payless has filed for Chapter 11 bankruptcy protection in the US, and is due to seek ancillary relief under the Companies’ Creditors Arrangement Act in Canada by the end of the week.
06 April 2017
Three groups of Puerto Rico’s major creditors are alleging that a fiscal plan certified by the federally appointed board overseeing the territory’s restructuring violates its financial rescue law and constitution.
30 March 2017
In recent weeks, Puerto Rico’s financial oversight board has appointed a new chief executive, while law firms and advisory groups have built up their leadership teams on both sides of the Atlantic.
27 March 2017
Puerto Rico’s federal oversight board has used its power under a law passed by the US Congress last year to reject a restructuring plan from the island’s government, finding that it was dependent on unrealistic revenue and spending predictions.
10 March 2017
The American Bankruptcy Institute met in Grand Cayman last week, hosting a roundtable discussion featuring some of the US’s leading bankruptcy jurists.
14 February 2017
The new government of Puerto Rico has reached an agreement on collateral with a set of pension bondholders, five days after they became the only claimants to be granted a hearing against a statutory moratorium.
19 January 2017
Puerto Rico new government has hired a team from Dentons for the herculean task of restructuring the island's estimated US$70 billion debt pile, as a New York court lifted a stay on proceedings against the commonwealth for one bondholder suit.
13 January 2017
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