New Plan of Adjustment Dissected

Fiscal Agency Reps Discuss Agreement at CPA Society Forum

After the Puerto Rico Financial Oversight and Management Board announced an agreement in April that would resolve the so-called clawback Puerto Rico Society of CPAs (CCPA by its Spanish initials) held a government accounting and auditing forum last week where spokespeople from the Fiscal Agency and Financial Advisory Authority (Aafaf by its Spanish acronym) dissected the new debt adjustment plan.

During the event, Rocio Del Mar Valentín, associate general counsel in matters related to cases under Title III of the Puerto Rico Oversight, Management and Economic Stability Act (Promesa) and litigation for Aafaf, and Luis Umpierre, the agency’s chief risk officer, presented an analysis on the impact of the multiple local and international factors that have disrupted the economy and how the new debt plan places Puerto Rico back in the bond market.

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