Puerto Rico. Pension Costs Hound Final Steps in Bankruptcy Case
Disagreements over public worker pensions in Puerto Rico continue to threaten a restructuring plan that would ease $33 billion of the island’s debt just as the judge overseeing its bankruptcy case hears final arguments.
A lawyer representing the congressionally appointed board overseeing the island’s finances said in court Monday that local laws, if enforced, would boost public-worker benefits and increase Puerto Rico’s expenses by an estimated $5 billion, too much for the plan to work.
“Quite possibly the plan wouldn’t be feasible if these statutes were ever enforced,” Martin Bienenstock, partner at Proskauer Rose, said.
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