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 in Distress
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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.
Puerto Rico’s fragile economy is facing an uncertain future after the island’s governor rejected a settlement announced late Sunday with bondholders that would reduce the U.S. territory’s public debt by 70 percent, the Associated Press reported.
Puerto Rico general obligation bonds traded higher yesterday in the wake of a report of a tentative deal involving debt that the U.S. commonwealth’s federally created financial oversight board has been trying to void, Reuters reported.
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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.