Judge Taylor Swain convenes an emergency session in court for a debt restructuring plan

Judge Laura Taylor Swine He called this Friday Financial Oversight Board (JSF), to the Governor Pedro Pierlucci And Assembly leaders must pass Bill 1003 for an emergency meeting next Monday in the absence of a vote in the Puerto Rico Senate Adjustment plan (PDA).

Swine called for a conference meeting next Monday, October 25, at nine o’clock, when the financial institution should present its arguments in support of the Federal Government’s Restructuring Plan (PDA).

According to the schedule of Title III cases, next Monday, the Board was to present its final arguments in favor of the Federal PDA.

Swine issued an urgent call to meet with the parties without even filing a petition to postpone the confirmation calendar for the federal PDA, as the company expected the Senate to reject PC 1003.

The board was allowed to disclose this amount in the upper house until two o’clock on Friday afternoon today.

“It appears from press reports that the legislature of Puerto Rico has not approved the law considered in the Seventh PDA, and its confirmation hearing will begin on November 8,” Swain reads the order. Federal Court for the Southern District of New York.

“The House bill outlined 1003 between the Senate and the House until October 26, 2021, is unlikely to meet the deadline announced yesterday (Board),” Swain added.

Considering the circumstances, Swin cited the conference meeting and explained the status of the PDA of the parties and “any alternative measures due to the lack of law under consideration.”

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Swine publicly invited all the directors of the conference, Senator Pierre Lucy, Jose Luis Dolmau and his representative in the House of Representatives, Rafael “Tatido” Hernandez, lawyers of the Financial Advisory Commission and the financial conference. Agency (Aafaf), a group of uninsured lenders, the Official Pension Board and lawyers of signatories to the Restructuring Support Program (PSA, in English).

For now, Swain pointed out that the schedule of the PDA confirmation hearing remains unchanged until an emergency meeting is held and it is established that those interested in presenting any opinion to the meeting can do so until tomorrow Saturday.

So far, the schedule for the PDA confirmation hearing begins on November 8th.

Eden Hayes

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