Puerto Rico may suspend principal and interest payments on its bonds in less than three months as the island struggles to cover health and safety programs, Bloomberg News reported yesterday. The potential halt on debt-service payments comes as the commonwealth’s Government Development Bank faces a $422 million debt payment May 1.
Puerto Rico in Distress
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The already complicated quest for a resolution to Puerto Rico’s debt crisis became more complex with the sudden death on Saturday of Supreme Court Justice Antonin Scalia, whose passing could influence a pending Supreme Court case on the island’s debt, MorningConsult.com reported today. On March 22, the court will hear oral arguments in Puerto Rico v.
Puerto Rico's House of Representatives yesterday approved a bill aimed at overhauling the island's troubled power utility PREPA, pushing the agency a step closer to finalizing a deal with creditors to restructure more than $8 billion debt a day before a key deadline, Reuters reported yesterday.
Puerto Rico’s government is trying to convince hundreds of wealthy investors to move to the U.S. territory, hoping they could help lift it out of a deepening economic crisis, the Associated Press reported today. Officials hosted a meeting for investors yesterday to promote local tax incentives aimed at luring the wealthy.
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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.