Municipal bond buyers thought Puerto Rico was on the cusp of restructuring its troubled power monopoly on their preferred terms. Now they aren’t so sure, as government leaders harden their stance against hiking electricity rates to pay off billions of dollars in debt, the Wall Street Journal reported. Some of the municipal bond market’s largest investors, including BlackRock Inc.
Puerto Rico in Distress
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On the heels of his two-day tour of the earthquake devastation in Puerto Rico, U.S. Sen. Richard Blumenthal (D-Conn.) is calling for a modern “Marshall Plan” to rebuild schools, hospitals and power plants across the disaster-stricken island, the Hartford (Conn.) Courant reported. Blumenthal argues that the U.S.
The government of bankrupt Puerto Rico told a federal judge yesterday that its opposition to a plan announced earlier this month to restructure more than $85 billion of its debt should put the brakes on a confirmation process, Reuters reported. The U.S.
Puerto Rico’s creditors and government officials have plenty left to fight about before the island has a chance to end its main bankruptcy case as soon as October, a federal court mediator said in a report yesterday, Bloomberg News reported.
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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.