A new fiscal plan that leaves the Puerto Rico with less money to cover its debts pushed the value of certain bonds down as much as 9 percent last week through Thursday, according to Municipal Securities Rulemaking Board data, the Wall Street Journal reported.
Puerto Rico in Distress
Video Features
ABI Analysis
Puerto Rico Governor Ricardo Rossello said on Monday that he does not want to "destroy" the pending debt restructuring deal for the island's ailing power utility, but wants to "get a better one" as the U.S. territory's fiscal situation worsens, Reuters reported.
Puerto Rico’s federal oversight board approved Governor Ricardo Rossello’s plan for pulling the island out of a fiscal crisis, a step that will allow the territory to start negotiating with bondholders to reduce its $70 billion debt, Bloomberg News reported yesterday.
A group holding more than $10 billion of Puerto Rican debt wants the island’s federally appointed financial oversight board to postpone a Wednesday deadline to approve a fiscal turnaround plan for Puerto Rico, saying the U.S. territory’s creditors should have input on the plan, Reuters reported.
Other Resources
The Financial Oversight and Management Board for Puerto Rico was created under the Puerto Rico Oversight, Management and Economic Stability Act of 2016. The Board consists of seven members appointed by the President of the United States and one ex officio member designated by the Governor of Puerto Rico. Access information on the Board, documents, videos of meetings, calendar of events and live webcasts by clicking here.