A bill to give Puerto Rico's ailing public utilities a way to restructure debt under the U.S. Bankruptcy Code drew skepticism from congressional Republicans but support from Democrats, who said that it would relieve the island's problems, Reuters reported yesterday.
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A proposed bill to give Puerto Rico's ailing public agencies a way to restructure debts under U.S. bankruptcy law is a "Wild West" solution that would likely hurt bondholders, an adviser for major investors argued in written testimony ahead of a key congressional committee, Reuters reported today.
Puerto Rico has asked a U.S. court for a quick decision in its appeal against a federal court ruling that voided a local bankruptcy law, arguing that the decision hampers its efforts to deal with a financial emergency that could disrupt basic public services on the Caribbean island, Reuters reported on Friday.
Moody’s Investors Service said that there’s a high probability that Puerto Rico will default on its general-obligation, sales-tax or Government Development Bank debt during the next two years, Bloomberg News reported yesterday.
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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.