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Judge Taylor Swain Holds Urgent Court Hearing of Debt Settlement Plan

Judge Taylor Swain Holds Urgent Court Hearing of Debt Settlement Plan

the judge Laura Taylor Swain Called this Friday to Financial Supervisory Board (JSF), to the Governor Pedro Pierluisi Legislative leaders are holding an urgent meeting next Monday in the absence of votes in the Puerto Rican Senate to activate Bill 1003 necessary to implement adaptation plan (PDA).

Swain has called the conference meeting for next Monday, October 25 at 9 a.m., just when the fiscal body should present its arguments in favor of the central government’s plan for adaptation (PDA).

According to the schedule of Title III issues, next Monday, the Council is scheduled to present its final arguments in favor of the central government’s PDA.

Swain issued the urgent summons to meet the parties without the House even making a motion to postpone the confirmation calendar for the central government’s PDA, as the agency expected, given the Senate’s refusal to give way to PC1003.

The House had given until 2 pm on Friday to the Senate to express itself on the measure.

“It appears from press reports that the Puerto Rican legislature has not approved the envisioned legislation in the seventh PDA, the passage of which is scheduled to begin on November 8,” said the order by Swain, who is also the presiding judge in the federal court for the Southern District of New York.

“The Senate and House of Representatives’ suspension of Bill 1003 set to be shelved until October 26, 2021 makes it unlikely that the deadline announced by (the House) yesterday will be met,” Swain added.

In light of these circumstances, Swain cited the meeting of the Conference of the Parties to explain the status of the PDA “and any alternative actions in light of the lack of envisioned legislation.”

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Swain explicitly summoned to the conference all directors of the Board of Directors, Pierluisi, the President of the Senate, José Luis Dalmao, and his counterpart in the House, Rafael “Tateto” Hernandez, counsel for the Financial and Tax Advisory Authority. Agency (Afaf), Committee of Uninsured Creditors, Official Retirement Committee, and Solicitor of Bondholders Who Signed Restructuring Support Scheme (PSA, in English).

For now, Swain noted that the schedule for the PDA confirmation hearing remains unchanged until the urgent meeting has taken place and those interested in making any consideration for the meeting will have until tomorrow, Saturday, to do so.

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