Puerto Rico and a group of investors in February agreed to a debt-cutting deal that would allow them to recover as much as 77.6 cents on the dollar from their investment in the island’s bonds. But that deal may have to be revisited as the coronavirus darkens the outlook for the economy, Bloomberg News reported.
Puerto Rico in Distress
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Puerto Rico Governor Wanda Vazquez said a $787 million coronavirus relief package will include cash payments to nurses and police and vulnerable parts of the island’s economy, Bloomberg News reported. The island’s 170,000 self-employed workers will get cash payments of $500 apiece starting this week, while small businesses that have had to shutter operations will get $1,500 each.
Puerto Rico’s debt restructuring faces a potential delay as the island’s oversight board plans to ask the court shepherding the commonwealth’s record bankruptcy to postpone hearings while the government works to address the coronavirus, Bloomberg News reported.
Puerto Rico’s main bankruptcy case could end in early November under a schedule approved by the federal judge overseeing the island’s record-setting debt restructuring, Bloomberg News reported. 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.