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Puerto Rico bondholders have reason to be optimistic about overturning the island's debt payment moratorium in court, based on rulings by the judge handling most of the litigation, Bond Buyer reported today.
Puerto Rico in Distress
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Hedge funds holding Puerto Rico’s general-obligation bonds are asking a court to stop the commonwealth from directing sales-tax revenue to repay other debt backed by that money because it violates the island’s constitution, Bloomberg News reported on Friday. It is the first legal action for the U.S. territory that pits general-obligation bondholders against investors of sales-tax debt.
Puerto Rico's economic activity index (EAI) for August fell 1 percent from a year earlier, the U.S. territory's fiscal agency reported yesterday, Reuters reported. The Caribbean island's total EAI, an economic measurement correlated to gross national product, was 124.1 in August, the Puerto Rico Fiscal Agency and Financial Advisory Authority said in a monthly report.
Puerto Rico’s fiscal control board appointed Jose Carrion III chairman and set a two-week deadline for the commonwealth to produce a financial plan during its first meeting on Friday, the Wall Street Journal reported on Saturday. The meeting attracted about 50 demonstrators who surrounded the entrance to the Alexander Hamilton U.S.
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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.