San Juan, PR – February 21, 2023 – The Financial Oversight and Management Board for Puerto Rico today issued the following statement about the U.S. Supreme Court’s decision to deny certiorari on the eminent domain claims related to the Commonwealth Plan of Adjustment.
The Oversight Board takes note of the Supreme Court’s decision and will comply with the previous rulings by the U.S. District Court for the District of Puerto Rico and the U.S. Court of Appeals For the First Circuit to require payment in full of certain unsecured claims against the Commonwealth in the cases under Title III of PROMESA.
The Commonwealth Plan of Adjustment, which the U.S. District Court confirmed in January 2022, contemplates the repayment of around $400 million of eminent domain claims in full and the Oversight Board will apply those provisions.