Puerto Rico, which is battling a financial crisis of high unemployment and a crushing debt load, is under pressure to show investors and credit-rating agencies that it can still borrow money from the capital markets, the New York Times DealBook blog reported yesterday.
Puerto Rico in Distress
The owner of the Scrub Island resort in the British Virgin Islands is fighting its lender to use U.S. bankruptcy protection to rework its more than $130 million worth of debt, the Wall Street Journal reported today.
FirstBank Puerto Rico asked a court to dismiss a bankruptcy case filed by the owner of a luxury Caribbean island resort, saying that it is interfering with an ongoing effort to collect the more than $120 million it is owed, Dow Jones Daily Bankruptcy Review reported today.
Scrub Island Development Group Ltd., the owner of a British Virgin Islands luxury resort, sought bankruptcy protection to end a receivership it claims was secretly put in place by its lender, Bloomberg News reported yesterday. The company listed debt and assets of more than $100 million each in chapter 11 documents filed on Tuesday.
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.