Judge advances Puerto Rico Board’s pension interpretation of bond bill
The Puerto Rico bankruptcy judge approved the Oversight Board’s plan to notify affected parties of its interpretation of the bond law supporting the bankruptcy, allowing the board’s motion to move forward with pension changes in the Plan of Adjustment.
On Monday the board’s lead attorney told Judge Laura Taylor Swain the current bond adjustment deal would collapse unless she ruled that a recently passed law, which bars pension “cuts,” allows for the board’s planned pension changes.
On Tuesday Swain approved the board’s plan to make an effort at notifying the parties by Friday through mail, email, and notices in Puerto Rican and states-based newspapers.
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