18 Apr 2012

CNMI Retirement Fund files bankruptcy petition

6:06 am on 18 April 2012

The Northern Marianas Islands Retirement Fund, through its administrator Richard Villagomez, has filed in federal court a bankruptcy petition.

Attorney Braddock Huesman and a Boston law firm of Brown Rudnick, as counsel for the Fund, filed the bankruptcy petition in the US District Court for the NMI Fund.

According to court papers, the filing of the bankruptcy petition was made after special meetings of the Fund's board of trustees this month.

A Chapter 11 bankruptcy petition allows a debtor to enter into an agreement with creditors under which all or a part of the business continues.

The Fund also filed court several motions, including a request for entry of order providing for the continued payment of certain benefits to certain retirees of the government, their survivors, and certain disabled persons.