Puerto Rico’s governor axed an $8.3 billion debt-restructuring agreement for the U.S. territory’s bankrupt public power utility, reflecting a lack of political support for raising electricity rates to pay off bondholders, WSJ Pro Bankruptcy reported. Gov.
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Two years after adopting some of the strictest COVID-19 measures of any U.S. jurisdiction, Puerto Rico is eliminating most of its restrictions amid falling infection rates and an aggressive vaccine campaign, Bloomberg News reported. Masks will no longer be required outdoors or indoors except in hospitals and at nursing homes, Governor Pedro Pierluisi said during a press conference Monday.
Puerto Rico Governor Pedro Pierluisi said he’s in favor of renegotiating a 2019 deal that would pull the island’s public power company, Prepa, out of bankruptcy and repay billions to bondholders, Bloomberg News reported. During a meeting of the Financial Oversight and Management Board on Friday, Pierluisi said conditions in the U.S.
Puerto Rico is poised to exit bankruptcy and begin paying bondholders again, a milestone that’s likely to boost not only the value of commonwealth debt but also other risky state and local securities, Bloomberg News reported. Puerto Rico stopped paying debt service in 2016 and then fell into the biggest bankruptcy ever in the $4 trillion municipal bond market the following year.
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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.