The judge overseeing Puerto Rico’s debt restructuring ruled in favor of the federally-appointed oversight board in a dispute with the commonwealth’s government over a series of local laws that the board says impede on its fiscal authority.
U.S. Bankruptcy Judge Laura Taylor Swain, who serves in both Manhattan and San Juan federal courts, issued her 77-page decision on Wednesday. Her findings, which generally fall in line with her prior rulings that found the oversight board’s authority preempts the local government’s, come three-and-a-half years into Puerto Rico’s bankruptcy-like process aimed at restructuring its $70 billion debt stack.
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