Puerto Rico, already facing multiple battles over billions of dollars in debt, was in yet another courtroom yesterday, the New York Times reported today, locked in a legal dispute with its biggest sales-tax collector and its biggest private employer: Walmart.
Puerto Rico in Distress
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Puerto Rico’s financial troubles are so complex and far-reaching that bankruptcy alone will not solve them, and might even make them worse, experts on financial distress told lawmakers yesterday, the New York Times reported today.
Puerto Rico is seeking to cut its debt load by 46 percent in its first offer to investors, a proposal that may face revisions as bondholders fight to get the most repayment, Bloomberg News reported yesterday. The commonwealth unveiled its plan yesterday to reduce the island’s obligations and help restart an economy that’s failed to grow in the past decade.
Puerto Rico has been anxious for Congress to address its $70 billion debt crisis, but the island’s leaders may not be as happy with the potential outcome as the investors holding its securities, Bloomberg News reported today.
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This wiki is a repository for members of the U.S. Congress, other policy makers, academics, investors, the media and the general public to understand the challenges facing Puerto Rico in 2016 and to provide data and information to begin crafting long term sustainable solutions. Click here to view.