After three years of futile efforts to restructure some $9 billion of debt at Puerto Rico's PREPA, creditors of the now-bankrupt power utility are asking a U.S. federal judge to appoint a receiver to manage PREPA's assets, Reuters reported yesterday. In papers filed yesterday in U.S.
Puerto Rico in Distress
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Puerto Rico's financial oversight board late on Friday approved a plan to wind down the island's Government Development Bank (GDB), bringing the defunct fiscal agent a step closer to settling more than $5 billion in debt, Reuters reported on Friday.
Distressed-mortgage investors are descending on troubled Puerto Rico, Bloomberg News reported on Friday. There are big names among them: Goldman Sachs Group Inc. and Perella Weinberg Partners and TPG Capital. What’s luring them is the opportunity to scoop up home loans and foreclosed properties for pennies on the dollar.
A group of hedge funds that owns $3.3 billion of Puerto Rico bonds disclosed in court documents the amount that each of them holds, Bloomberg News reported yesterday. The disclosure is related to the territory’s May 3 bankruptcy, which will allow Puerto Rico and its agencies to reduce the $74 billion of debt left after years of economic decline and borrowing to cover operating expenses.
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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.