Puerto Rico defends the legal supremacy of the bankruptcy plan

By Vince Sullivan (Nov. 15, 2021, 6:31 p.m. EST) – The financial regulator and management board that oversees the restructuring of Puerto Rico’s debt said Monday his plan was to prevent existing Commonwealth laws from complying with the laws to be in line with those who have approved the island’s bankruptcy because otherwise the proposed plan would not be feasible.

On the fourth day of the confirmation process for the board’s adjustment plan, oversight attorney Martin J. Bienenstock of Proskauer Rose LLP said that the Puerto Rico Oversight, Management and Economic Stability Act, which created the board, specifically allows the plan to prevail about certain existing laws to allow the unique restructuring.

The planned plan would …

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