Puerto Rico lawmakers plan to file legislation next week that allows the commonwealth to sell new bonds to replace existing debt, a necessary step to help finalize the island’s record bankruptcy, BNN Bloomberg reported.
Puerto Rico in Distress
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A coalition of progressive groups on Wednesday called for Congress to abolish Puerto Rico's Fiscal Control Board, which they say has deepened economic strain for the U.S. territory's residents, The Hill reported.
Judge Laura Taylor Swain rejected a proposed committee to represent retail holders in Puerto Rico's debt restructuring while she allowed parties representing Debt Recovery Authority bondholders to continue their efforts to protect their collateral from Oversight Board actions, The Bond Buyer reported.
The federally appointed financial oversight board tasked with guiding Puerto Rico’s debt restructuring has finalized a deal with two key creditors, adding to growing support for the proposed plan to fix the commonwealth’s debt crisis, Reuters reported.
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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.