Puerto Rico Gov. Ricardo Rosselló has asserted a commitment to paying Puerto Rico’s creditors and has said that doing so is likely to require restructuring the debt, according to a Wall Street Journal commentary today. Rosselló’s most immediate problem, according to the commentary, is the liquidity crisis sparked by former Gov.
Puerto Rico in Distress
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Puerto Rico's new governor is seeking more time to present a fiscal turnaround plan for the struggling U.S. territory, saying the the Jan. 31 deadline set by the commonwealth's federal oversight board is too tight, Reuters reported. In a letter to the board dated Jan.
Puerto Rico's new governor wasted no time seeking advisers to help the island restructure $70 billion in debt, requesting late on Tuesday that firms submit their qualifications as legal and financial advisers, Reuters reported yesterday.
Outgoing Puerto Rico Governor Alejandro García Padilla urged his successor to demand that a federal control board overseeing government finances move immediately to restructure much of its nearly $70 billion in debt, the Associated Press reported on Saturday.
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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.