Puerto Rico will face investors for the first time in a bankruptcy court, as it kicks off the biggest and most divisive debt restructuring in U.S. public finance history, Reuters reported today.
Puerto Rico in Distress
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Puerto Rico reached a restructuring agreement with bondholders invested in the commonwealth's Government Development Bank, officials announced yesterday in San Juan, Pensions&Investments reported yesterday.
The losses from soured investments in Puerto Rico bonds are coming into focus for some of the world’s biggest mutual funds, and it is a brutal reckoning, the Wall Street Journal reported yesterday.
Puerto Rico’s creditors are preparing for a lengthy fight to maximize their recoveries after its slide into bankruptcy, but other Wall Street investors are rooting for the U.S. territory to succeed in driving down its $73 billion debt load, The Wall Street Journal reported yesterday.
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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.