Puerto Rico’s Senate plans to take up legislation today that would exclude bonds used to restructure public-corporation debt from the island’s moratorium law, Bloomberg News reported yesterday. The upper chamber is set to take up the measure passed by the House of Representatives last week, Senate President Eduardo Bhatia said yesterday.
Puerto Rico in Distress
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Puerto Rico’s Government Development Bank, operating under a state of emergency to preserve cash, is about halfway toward reaching a forbearance agreement with creditors, Jesus Manuel Ortiz, a spokesman for Governor Alejandro Garcia Padilla, Bloomberg News reported on Saturday.
House of Representatives Speaker Paul Ryan (R) said yesterday that very good progress was being made on a bill to help Puerto Rico tackle its $70 billion debt, but gave no timetable on when the legislation would be advanced, Reuters reported. "They're working with the Treasury on technical details on how restructuring works right now. I think they're making very good progress," said Ryan.
Top Republican and Democratic House leadership staff are gathering with policy aides and Treasury Department officials to talk over next steps on the stalled Puerto Rico rescue bill, Politico reported today.