Puerto Rico Governor Ricardo Rossello said yesterday that the U.S. territory would make a $1.4 million interest payment on constitutionally-backed bonds by drawing on "clawback" money deposited at Banco Popular, Reuters reported. The payment to general obligation bondholders, which was due on Feb.
Puerto Rico in Distress
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Puerto Rico's government said that it will miss some debt payments due yesterday, including another payment on general obligation (GO) bonds backed by the U.S. territory's constitution, Reuters reported yesterday.
Puerto Rico's governor signed a law that allows him to define essential government services and set aside money to pay for them, setting the vision of how to prioritize a mountain of obligations the struggling U.S. territory cannot afford, Reuters reported yesterday. Gov.
Puerto Rico's federal oversight board voted to give the debt-laden U.S. territory more time to submit a fiscal turnaround plan and to restructure $70 billion in debt without fear of lawsuits, Reuters reported on Saturday. The seven-member board voted at a public hearing to extend to May 1 from Feb.
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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.