Thom Tillis (R-N.C.) and Tom Cotton (R- Ark.) sent a letter on Friday to José B. Carrión III, chairman of the Financial Oversight and Management Board for Puerto Rico, expressing concern that Puerto Rico’s fiscal plan fails to comply with the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA). “Multiple creditor groups have asserted that the Commonwealth and the Oversight Board have not attempted to negotiate with bondholders under Title VI of PROMESA, and in fact have failed to respond to creditors attempts to initiate negotiations,” Tillis and Cotton wrote. “This is a violation of both the spirit and letter of PROMISE, which plainly intends for the Commonwealth and the Oversight Board to make every effort to reach a negotiated settlement with bondholders under Title VI and reserves Title III restructuring as a last resort.” In expressing their concerns, Tillis and Cotton requested more information about the certification of the Fiscal Plan. Click here to read the full letter.
