Puerto Rico can crawl out of its $72 billion debt hole without defaulting on its government debt, says a report commissioned by holders of $5.2 billion of the U.S. commonwealth's government-backed bonds, Reuters reported yesterday.
Puerto Rico in Distress
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Even as Puerto Rico’s tourism industry has fallen victim to the island’s struggling economy — the famed San Juan Beach Hotel filed for bankruptcy in March — some Wall Street firms see an opportunity in the turmoil, reports the New York Times Deal Book Blog. One of Puerto Rico’s biggest cheerleaders, John A.
Puerto Rico's power company has rejected a new proposal from bondholders that calls for an $8.1 billion debt exchange amid growing concerns the public agency could be the first one in the U.S. territory to go bankrupt, The Associated Press reported yesterday.
Two Democratic senators have agreed to co-sponsor a bill that would allow Puerto Rico's municipalities to use federal bankruptcy laws, the U.S. territory's representative in Congress, Pedro Pierluisi, said and Reuters reported yesterday.
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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.