The U.S. Supreme Court will consider reinstating a Puerto Rico law that would let its debt-ridden public utilities restructure their obligations, agreeing to hear an appeal by the commonwealth as it tries to navigate out of its fiscal crisis, Bloomberg News reported on Friday. The disputed law would affect $22 billion of Puerto Rico’s $70 billion in debt.
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The U.S. Supreme Court may announce as soon as today whether it will hear an appeal by Puerto Rico to reinstate a law that would allow some island agencies to restructure their debts, Bloomberg News reported. The Court is scheduled to review Puerto Rico’s appeal during a private conference today, when it often issues a list of new cases.
Puerto Rico said that it made all principal and interest payments due yesterday, averting a default on directly guaranteed bonds and allowing the commonwealth to continue talks with creditors to reduce its $70 billion debt burden, Bloomberg News reported yesterday.
Puerto Rico faces a moment of truth today, as the island owes a $355 million payment — a possible default which could trigger lawsuits, further spook investors and undermine the island's efforts to climb out of $72 billion in debt, Reuters reported today. The payment on bonds issued by the U.S.
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This wiki is a repository for members of the U.S. Congress, other policy makers, academics, investors, the media and the general public to understand the challenges facing Puerto Rico in 2016 and to provide data and information to begin crafting long term sustainable solutions. Click here to view.