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.