The Puerto Rico Electric Power Authority bankruptcy proceedings will not be paused despite
Though the First Circuit Court of Appeals is
While several bond parties earlier this month asked Swain to pause the proceedings until the appeals court decision, Swain said she had dismissed some arguments and others would be best addressed in a confirmation hearing scheduled to start March 5.
Swain said the bond parties did not mention that further appeals are possible, which would further delay the resumption of district court proceedings.
A request by bond parties on Dec. 22 for 30 extra days on the schedule was “substantially denied,” Swain said, and there hasn’t been a “change of circumstances” since then.
Granting the delay would impede progress for Puerto Rico’s electrical system, she said.
Puerto Rico Attorney John Mudd said Swain’s ruling was expected.
“The Oversight Board will continue to work towards confirmation of the plan of adjustment to provide PREPA with an urgently needed path to end bankruptcy, remain a sustainable utility, and continue the transformation of Puerto Rico’s energy system to provide more reliable electricity,” the board said in a statement.
A spokesman for GoldenTree didn’t immediately respond to a request for a comment.