A U.S. judge on Wednesday denied a request by Puerto Rico's federally creat...
SAN JUAN - A U.S. judge on Wednesday denied a request by Puerto Rico’s federally created financial oversight board to extend a looming deadline to file claims, the latest hurdle for its plan to recoup billions of dollars paid to bondholders of potentially invalid debt issued by the island’s government.
The judge also rejected a request by a creditors committee to pursue claims for fraud and other infractions against advisers, underwriters and public officials involved in potentially illegal Puerto Rico debt sales. The Official Committee of Unsecured Creditors, which includes labor unions, as well as suppliers and contractors to the Puerto Rican government, argued that the board would not pursue these claims.
In her denial, Swain said that “the ability to propose a confirmable plan of adjustment” was at stake and that the oversight board had not consented to the committee’s motion. Several banks were ordered last week to comply with the board’s request for customer information that would be used in recovering bond payments.
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