ABI will be holding a media webinar today at 1:30 p.m. ET featuring Professor Stephen Lubben discussing the Supreme Court’s ruling in Puerto Rico v. Franklin California Tax-Free Trust with ABI Editor-at-Large Bill Rochelle. There are still some limited slots available for ABI members to listen and participate on the webinar.
Puerto Rico in Distress
Video Features
ABI Analysis
Majority Leader Mitch McConnell (R-Ky.) said that the Senate will consider a rescue package to ease Puerto Rico's financial crisis before the U.S. territory's $2 billion payment to creditors is due July 1, the Associated Press reported today. The House overwhelmingly passed legislation to create a new control board and restructure some of Puerto Rico's $70 billion debt last week.
Yesterday, in Commonwealth of Puerto Rico v. Franklin California Tax-Free Trust, the U.S. Supreme Court took away the last existing option for Puerto Rico to restructure its debt, unless Congress steps in, according to a commentary by Prof. Charles Tabb of the University of Illinois College of Law.
Creditors for Puerto Rico’s main electricity provider are reviewing a proposal from the utility that would help the agency avoid a $420 million bond default on July 1, according to three people with direct knowledge of the plan, Bloomberg reported yesterday.
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.