Puerto Rico said it may run out of cash by February if it’s forced to cover bond payments, underscoring the pressure that’s causing the island to default on a growing share of its $70 billion debt, Bloomberg News reported yesterday.
Puerto Rico in Distress
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The Financial Oversight and Management Board for Puerto Rico, established by the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), yesterday released a request for proposal seeking submissions from interested financial advisors to be retained by the Board.
Puerto Rico’s main electricity provider won’t meet its deadline to issue the new securities needed to restructure its $9 billion of debt, Bloomberg News reported yesterday.
Puerto Rico’s largest mutual-fund bondholders have broken their silence in an ongoing $30 billion creditor standoff, underscoring tensions between the commonwealth’s traditional municipal investor base and the hedge funds now involved in its financial restructuring, the Wall Street Journal reported today.
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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.