Puerto Rico in Distress

ABI Analysis

Puerto Rico said one of its agencies didn’t provide funds needed to cover debt payments as the cash-strapped commonwealth reels from an escalating fiscal crisis, Bloomberg News reported yesterday. The Public Finance Corp.

Trump International Golf Club Puerto Rico filed for bankruptcy as Donald Trump, the billionaire real estate mogul who licensed his name to the property, makes a bid for the White House, Bloomberg News reported yesterday.

Puerto Rico’s finance team said yesterday at a meeting of its creditors that it had not yet determined how it would seek to revamp the island’s obligations, the New York Times DealBook blog reported today.

More than 300 participants ranging from institutional investors to hedge funds to bond insurers are scheduled to attend today’s presentation in New York explaining why Puerto Rico cannot repay all of its obligations on time, Bloomberg News reported yesterday. Complicating matters is a push by commonwealth officials to seek federal assistance and even changes in bankruptcy laws.

Other Resources

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.