Competing bondholder groups and the oversight board supervising Puerto Rico’s debt restructuring have reached a tentative compromise that moves the U.S. territory closer to leaving bankruptcy, the Wall Street Journal reported.
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The U.S. Court of Appeals for the First Circuit said that Puerto Rico pension bondholders have no collateral rights over money collected by the U.S. territory’s public retirement system after it filed for bankruptcy in 2017, WSJ Pro Bankruptcy reported.
The U.S. First Circuit Court of Appeals yesterday ruled that bondholders’ claim on the assets of Puerto Rico’s public employee pension system ended when the system filed for bankruptcy in May 2017, Reuters reported. The First Circuit affirmed Federal Judge Laura Taylor Swain’s June decision that bondholders’ claim on employer contributions to the U.S.
An agreement to restructure more than $8 billion of bonds issued by Puerto Rico’s bankrupt electric utility needs more time to obtain approval from the U.S. commonwealth’s legislative body, a lawyer for the island’s federally created financial oversight board said yesterday, Reuters reported. Martin Bienenstock told U.S.
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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.