Retirees and pensioners will now have a voice at the negotiating table during Puerto Rico’s bankruptcy, according to a Reuters report. This month, the U.S. Trustee overseeing the filing procedure announced the appointment of a retiree committee.
While retiree committees are usually appointed in municipal bankruptcy filings, it is typically preceded with a formal ruling from the bankruptcy court. However, due to the extreme nature of Puerto Rico’s bankruptcy, the Trustee is acting without a judge’s ruling.