Home Debt obligation Puerto Rico to send notice to retirees about bankruptcy plan

Puerto Rico to send notice to retirees about bankruptcy plan

By Vince Sullivan (November 1, 2021, 7:44 p.m. EDT) – The Financial Management and Supervisory Board of Puerto Rico told a New York federal judge on Monday that it would send updated notices to employees and retirees of the Commonwealth, explaining the impact on their pensions of a bond authorization law passed by the island’s legislature last week.

In a pre-confirmation hearing, supervisory board attorney Martin J. Bienenstock of Proskauer Rose LLP said the board – created to implement a restructuring of Puerto Rico’s massive bond debt – considered that the new notice was needed to inform all parties concerned of the effect the new law would have on pensions in the future.

The Puerto Rico Senate passed the law …

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