Creditors outline violations of PROMESA in Puerto Rico fiscal plan
WASHINGTON, USA -- On Monday, creditors and insurers representing approximately $12 billion of bonds issued by Puerto Rico and its instrumentalities sent a joint letter to members of the Federal Oversight Board created by the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) outlining violations of the law in the fiscal plan for Puerto Rico that was certified by the board on March 13, 2017.
The signers of the letter represent thousands of investors in municipal debt across the United States, many of whom are the very same investors that will be called upon to lend money to Puerto Rico in the future. The letter from these investors outlines specific concerns and questions the signers have relating to the fiscal plan for Puerto Rico.
The signers of the letter have again made clear their willingness to engage the Puerto Rico government and the oversight board in a consensual process. Indeed, they have made many previous attempts to do so.
The letter specifically outlines how the fiscal plan certified by the board violates PROMESA along with its other shortcomings, including:
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