The Finance Board approves legal amendments to the Public Debt Restructuring Plan

The Finance Board approves legal amendments to the Public Debt Restructuring Plan

The Financial Oversight Board (JSF) stated on Thursday that it was ready to continue the process of confirming the adjustment plan, so there was no need to enter into an arbitration process.

Approved by the Legislature of Puerto Rico and before House Bill 1003, signed by Governor Pedro Pierre Luci on October 26, 2021, it carefully reviewed Law 53 (Study Group) of 2021 and concluded that the changes made by the Legislature on October 26, 2021 were amended into law. The 25th trial in the district court of Puerto Rico forms the basis for the issuance of new public obligations, which are part of the Seventh Amendment.The company said in a written statement.

According to the agency, as ordered by Judge Laura Taylor Swine last Monday, if the parties continue to disagree, the action will be allowed to proceed without entering into an arbitration process.

“I am relieved and satisfied that we are moving forward again with the PDA to end Puerto Rico’s painful bankruptcy,” said Board Chairman David Scheel, adding that the plan at the table would reduce federal debt. Levels and its stabilization will lay the foundation for “sustainable economic growth”.

After learning of the agency’s decision, Governor Pierre Lucie noted that “Puerto Rico is on the path to recovery.”

“The prudent decision to move forward with the PDA’s commitment to make the Puerto Rico government’s debt restructuring possible is a great step toward Puerto Rico’s promising future,” the president said.

Pierluisi thanked the team for “reaching the consensus needed for Puerto Rico” to redirect efforts to rebuild the island.

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Arzu Daniel

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