Puerto Rico ended its nearly five-year bankruptcy as the commonwealth restructured $22 billion of debt, a crucial step that aims to help the island’s economy and repair its finances, Bloomberg reported. The U.S.
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Puerto Rico will formally end its bankruptcy on Tuesday as the federally appointed financial oversight board implements key provisions of the commonwealth’s debt adjustment plan, including the establishment of a pension reserve trust and the exchange of existing bonds for new debt, Reuters reported.
The federally appointed board overseeing the bankruptcy of Puerto Rico’s electric power authority must submit a new debt adjustment plan quickly after an existing agreement to restructure more than $8 billion in debt was axed by the island’s governor on Tuesday, Reuters reported. U.S.
Puerto Rico’s governor axed an $8.3 billion debt-restructuring agreement for the U.S. territory’s bankrupt public power utility, reflecting a lack of political support for raising electricity rates to pay off bondholders, WSJ Pro Bankruptcy reported. Gov.
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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.