Monday, July 16, 2018

Puerto Rico debt investigator to file plan for sharing of probe documents

By on July 2, 2018

SAN JUAN – Kobre & Kim LLP, the firm hired as an independent investigator by Puerto Rico’s Financial Oversight and Management Board to look into the policies or lack thereof that contributed to the island’s debt crisis, is slated to submit Tuesday an exit plan establishing procedures for sharing and producing documents related to the probe.

The information is contained in a request filed in U.S. District Court by the Official Committee of Unsecured Creditors of all Title III debtors under the Promesa law proceedings, other than those of the Sales Tax Financing Corp. (Cofina by its Spanish acronym). The filing seeks to establish a briefing schedule that would govern objections and comments to the exit plan.

The committee has been arguing in court for the right to its own discovery into the causes of the debt and had sought to obtain documents the investigator collected from different parties.

The fiscal oversight board’s investigator said at the June 6 Omnibus Hearing that an “exit plan” would be provided. The scheduling of the hearing on the plan was addressed at the June 18 hearing, after which the court ordered that, among other things, the investigator file its proposed exit plan by July 3, and that the committee had to submit a briefing schedule, which it did.

The committee, which says it consulted with all relevant parties, asked the court to set July 12 as the deadline for the committees or any other party to submit objections to the proposed exit plan. On July 20, all parties must file a reply in support of the exit plan. The committee is seeking a hearing for July 25.

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