Press Release

Judge Laura Taylor Swain closes the COFINA Title III case, Marking Yet Another Milestone for Puerto Rico’s Fiscal and Economic Stability

San Juan, PR — October 30, 2024 — Judge Laura Taylor Swain has officially closed the Title III case for the Puerto Rico Sales Tax Financing Corp., or COFINA.  This pivotal moment marks the successful culmination of COFINA’s reorganization process under the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), representing a significant milestone in Puerto Rico's journey toward fiscal stability and economic renewal.

Initiated in 2017, COFINA’s Title III proceedings were undertaken as part of Puerto Rico’s broader strategy to address the island’s debt and fiscal crisis. Through rigorous negotiations and judicial oversight, COFINA’s restructuring allowed it to significantly reduce its obligations, facilitating the issuance of new bonds and achieving an equitable resolution for creditors. The closure of this case underscores COFINA’s commitment to comply with its obligations under its plan of adjustment.

As Puerto Rico continues to emerge from financial hardships, the closing of COFINA’s Title III case stands as a landmark achievement, further enabling the Commonwealth’s economic revitalization efforts and its progress toward long-term fiscal health.

For more information on this and other PROMESA cases, please visit Kroll’s website.

Contact: Inquiries may be directed to dennis.costa@aafaf.pr.gov.