The Financial Oversight and Management Board for Puerto Rico announced Friday that it filed in court a debt-adjustment plan for the Sales Tax Financing Corp. (Cofina), Caribbean Business reported. The filing, under Title III of the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) follows a settlement agreement with Cofina’s court-appointed agent, Bettina Whyte, based on an agreement in principle developed by both the Cofina and the commonwealth’s agents, and the preliminary agreement among Cofina bondholders announced Aug. 8, and the subsequent plan support agreement and term sheet between the Government of Puerto Rico, Cofina, monoline insurers, senior and junior bondholders and the Bonistas del Patio creditor group, the board explained. “All of the foregoing agreements were achieved with the assistance of the judicially appointed mediation team led by the Hon. Barbara J. Houser,” a board release reads. The oversight panel also announced it certified, by unanimous consent, a revised fiscal plan for Cofina.
