Puerto Rico will likely need to fund government operations using sales-tax revenue claimed by warring factions of bondholders unless a legal dispute at the heart of the island’s bankruptcy is resolved by November, Bloomberg News reported on Saturday.
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A lawyer for Puerto Rico's financial oversight panel on Monday said the bankrupt island's highway authority could run out of cash if it continues to pay all its debt, and signaled big repayment cuts for the authority's creditors, Reuters reported yesterday.
The bankruptcy of Puerto Rico, the culmination of years of economic decline, has accelerated an exodus of the population that’s adding to the island’s economic misery, Bloomberg News reported on Friday. The island has lost 2 percent of its people in each of the past three years. A comparable departure from the 50 states would mean 18 million people moving out since 2013.
Senior creditors of Puerto Rican debt backed by the island's sales tax revenues are seeking to depose government officials over what they see as conflicts of interest in how the U.S. territory manages its bond payments, Reuters reported yesterday. As Puerto Rico sorts its way through the biggest bankruptcy in U.S.
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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.