Key Puerto Rico bondholders asked the court to set plan-of-adjustment deadlines for the Puerto Rico Oversight Board to meet, Bond Buyer reported. Four groups of investment funds filed the joint motion on Tuesday night in the U.S. District Court for Puerto Rico, which is handling the bankruptcy. The litigants in Tuesday’s motion are the Lawful Constitutional Debt Coalition, the Ad Hoc Group of Constitutional Debtholders, Ad Hoc Group of General Obligation Bondholders, and the QTCB Noteholder Group. Investment and hedge funds holding Puerto Rico central government bonds are the members of these groups. The board yesterday said that it was reviewing the filing and would respond to it at a later point. Puerto Rico bondholders have asked Judge Laura Taylor Swain to put deadlines on the board's progress to a central government plan of adjustment. The groups asked the court to require the board to do one of three things by Nov. 30: Affirm that it will try to finalize the existing proposed plan of adjustment announced in February, file a modified version of the existing plan with a modified disclosure statement, or file a new proposed plan of adjustment and disclosure statement. The groups told the court to require that by Feb. 1, 2021, the court consider the adequacy of the disclosure statement.
