Puerto Rico plans to present a debt-restructuring offer in a few weeks to address a projected $13 billion shortfall in bond payments due over the next five years that the commonwealth says it can no longer afford to pay, Bloomberg News reported yesterday.
Puerto Rico in Distress
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New York Gov. Andrew Cuomo led a delegation to Puerto Rico on Monday in hopes of helping the territory address its debt crisis, saying the situation “is threatening the livelihoods of millions of people — many with strong connections to New York,” the Wall Street Journal reported today.
Marco Rubio opposes giving Puerto Rico the same type of bankruptcy protection available to U.S. towns and cities mired in fiscal crisis, the Florida senator will say Friday as he visits the American territory for the first time as a 2016 contender, the Politico reported today.
Puerto Rico's public utility PREPA and a key bondholder group have reached the framework of a debt restructuring deal that would include a repayment reduction of up to 15 percent for bondholders, Reuters reported today. The deal, under which PREPA would issue new, securitized debt, likely with a higher credit rating, had not been officially signed and could still fall apart.