Creditors of Puerto Rico's sales tax authority, COFINA, made a counter-offer yesterday to Puerto Rico's Feb. 1 debt exchange proposal, saying that they would extend maturities but forgo cuts to principal that the original offer would entail, Reuters reported. The plan represents the first formal response from creditors to the debt-exchange proposal from the U.S.
Puerto Rico in Distress
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President Obama is proposing to provide Puerto Rico with billions of dollars in relief, in addition to allowing the territory to declare bankruptcy on some of its debt, The Hill reported today.
A House committee will hear Treasury's Antonio Weiss discuss an analysis of Puerto Rico on Feb. 25, as lawmakers coalesce around a bill that would give the territory's authorities bankruptcy access in return for creation of a financial stability council, Bond Buyer reported today. The exact language of the bill, sponsored by Rep.
Puerto Rico’s debt-restructuring advisers appear willing to give creditors and lawmakers one of the key conditions demanded as part of any debt restructuring: a degree of federal oversight of the commonwealth’s finances, Bloomberg News reported on Friday.
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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.