Puerto Rico Tax Board Seeks Approval of Bankruptcy Plan Vote

Law360 (July 13, 2021, 6:17 p.m. EDT) – Puerto Rico’s Fiscal Management Board told a bankruptcy judge on Tuesday that the Commonwealth’s unsecured creditors have accepted its restructuring plan and the plan is ready to go sent for a vote, while other creditors questioned whether the plan was legally viable.

On the opening day of the hearings on the Puerto Rico Supervisory and Financial Management Board’s restructuring plan disclosure statement, opponents claimed the proposal violated bankruptcy law and the U.S. Constitution, and s’ would collapse if the island’s legislature did not support the key provisions. The board of directors has held its response in the hope of …

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