Thursday, August 17, 2017

Deadline set for delivery of Puerto Rico creditors list

By on June 1, 2017

SAN JUAN — Federal bankruptcy Judge Laura Taylor Swain issued an order Thursday authorizing deadlines for the Puerto Rico government to submit detailed information on its creditors, as part of Promesa’s Title III debt-restructuring cases for the central government and Sales Tax Financing Corp. (Cofina by its Spanish acronym).

The island’s financial control board—which represents the commonwealth government as debtor in the process—must deliver the creditor mailing matrix by June 30. Meanwhile, a full creditor list, which must include the value of their claims, must be filed by Aug. 30.

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On May 9, the board filed a motion in which it suggested both delivery dates to Judge Swain.

Meanwhile, she also authorized Prime Clerk to act as the solicitation, notice and claims agent for the debtor. With Thursday’s order, the board must make an advance payment of $100,000 to the firm for its services.

Earlier this week, Judge Swain halted until further notice debt payments to Cofina creditors, whose bonds are backed by a portion of the island’s sales and use tax. The money for the payment of this debt would be kept in reserve by the Bank of New York Mellon, Cofina’s trustee.

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