Puerto Rico’s main electricity provider won’t meet its deadline to issue the new securities needed to restructure its $9 billion of debt, Bloomberg News reported yesterday.
Puerto Rico in Distress
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Puerto Rico’s largest mutual-fund bondholders have broken their silence in an ongoing $30 billion creditor standoff, underscoring tensions between the commonwealth’s traditional municipal investor base and the hedge funds now involved in its financial restructuring, the Wall Street Journal reported today.
The federal oversight board tasked with pulling Puerto Rico out of a fiscal crisis said the island can’t count on additional aid from Washington, D.C., and should brace for spending cuts and a “significant” reduction of its $70 billion debt to bondholders, Bloomberg News reported on Friday.
Puerto Rico's treasury secretary on Thursday said the U.S. territory's revenues for fiscal year 2017 are positive, after general fund net revenues for October came in nearly 12 percent higher than expectations, Reuters reported yesterday.
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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.