With Puerto Rico buried in debt and on course to completely run out of money by the end of the year, the Obama administration is urging Congress to take unprecedented action to help the island, including granting a type of bankruptcy protection unavailable to the nation’s 50 states, the Washington Post reported today.
Puerto Rico in Distress
Video Features
ABI Analysis
Puerto Rico legislators are warning that they will seek amendments to a bill that would create an independent fiscal control board as the U.S. territory pushes to restructure a portion of its $72 billion of public debt before the government runs out of money, the Associated Press reported yesterday.
A group of investors that hold the bonds of Puerto Rico’s water utility have hired investment bank Greenhill & Co. to help negotiate terms for new financing, Bloomberg News reported yesterday. The investors have discussed a plan that would create new senior debt for the Puerto Rico Aqueduct & Sewer Authority that is given higher priority than other agency borrowings.
The Senate Energy and Natural Resources Committee will hold a hearing on Thursday at 10 a.m. ET to receive testimony on Puerto Rico's economy, debt, and options for Congress moving forward. More information on witnesses and prepared testimony forthcoming.
Other Resources
This wiki is a repository for members of the U.S. Congress, other policy makers, academics, investors, the media and the general public to understand the challenges facing Puerto Rico in 2016 and to provide data and information to begin crafting long term sustainable solutions. Click here to view.