Puerto Rico legislators are warning that they will seek amendments to a bill that would create an independent fiscal control board as the U.S. territory pushes to restructure a portion of its $72 billion of public debt before the government runs out of money, the Associated Press reported yesterday.
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A group of investors that hold the bonds of Puerto Rico’s water utility have hired investment bank Greenhill & Co. to help negotiate terms for new financing, Bloomberg News reported yesterday. The investors have discussed a plan that would create new senior debt for the Puerto Rico Aqueduct & Sewer Authority that is given higher priority than other agency borrowings.
The Senate Energy and Natural Resources Committee will hold a hearing on Thursday at 10 a.m. ET to receive testimony on Puerto Rico's economy, debt, and options for Congress moving forward. More information on witnesses and prepared testimony forthcoming.
Puerto Rico bond prices suggest that investors are doubtful of a proposal being floated that would have the U.S. Treasury assist the commonwealth in the restructuring of its debt, Bloomberg News reported yesterday.
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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.