Opponents of Puerto Rico’s bankruptcy plan lose appeal stay offers
Posted onAuthorRenee J. ClementsComments Off on Opponents of Puerto Rico’s bankruptcy plan lose appeal stay offers
By Hailey Konnath (March 3, 2022, 9:30 PM EST) – The federal bankruptcy judge overseeing Puerto Rico’s financial restructuring on Thursday declined to stay his order confirming the territory’s adjustment plan while opponents appeal , saying teachers’ associations and credit unions are unlikely to prevail in their challenges to the plan.
U.S. Bankruptcy Judge Laura Swain, who approved the plan in January after years of litigation, denied two stay motions pending appeal. In addition to the unlikely success of their appeals, the judge found that the teachers’ associations and credit unions had not established that they would suffer irreparable harm if the confirmation order remained in place…
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