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Puerto Rico Urgent Motion Denied

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The U.S. Bankruptcy Court denied the urgent motion of the Financial Oversight and Management Board for Puerto Rico seeking to clarify the scope of the interim financing hearing.

According to the order, “The Court has considered all of the submissions carefully. The Scope Motion improperly seeks to curtail the scope of the Interim Hearing and is hereby denied. In connection with the Omnibus Hearing, scheduled for February 7, 2018, the Court will conduct an Interim Hearing on the Financing Motion in the following two stages: First, the Court will hear oral argument and any relevant evidence as to whether interim relief is ‘necessary to avoid immediate and irreparable harm’ prior to a final hearing on the Financing Motion that will be held, in New York, on February 15, 2018. Second, if the Court determines that interim relief is necessary, the Court will then hear oral argument, and any relevant evidence, on the merits of the Financing Motion.”

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