May 16, 2018 / 11:49 PM / 3 months ago

Puerto Rico creditors say time is up for probe of financial crisis

Unsecured creditors in Puerto Rico’s restructuring on Tuesday called for an order allowing their committee to investigate how the island piled on its staggering debt and its finances fell into disrepair, saying it can no longer wait for a court-approved probe to report its findings.

Puerto Rico’s official committee of unsecured creditors in court papers said it wants an order greenlighting its own investigation no later than mid-August because the investigator hired by the island’s federal oversight board has not made good on his forecast in October that he would conclude his work within 200 days.

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