Puerto Rico's Government Development Bank (GDB) on Friday presented some of the island's creditors with more details on a forthcoming plan to consolidate their bonds into a single bond exchange, in a meeting the GDB's president called "very positive and productive,” Reuters reported on Friday.
Puerto Rico in Distress
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Top Senate Republicans with jurisdiction over Puerto Rico are working on a legislative proposal to help the commonwealth as it struggles with more than $70 billion of debt, countering a plan by the Obama administration, Bloomberg News reported yesterday. The proposed bill will be finished “soon,” Robert Dillon, spokesman for the Senate Energy and Natural Resources Committee, said yesterday.
Puerto Rico lawmakers approved a bill to establish a local fiscal adjustment board, a key measure in Governor Alejandro Garcia Padilla’s plan to lighten the island’s $70 billion debt burden, Bloomberg News reported yesterday. The bill now goes before the governor for approval. Details weren’t immediately available.
Former Detroit Bankruptcy Judge Steven Rhodes said that Puerto Rico needs to be put on life support and the way to do it is through bankruptcy, Bond Buyer reported today. Rhodes also called for a central control person or board, preferably designated by the federal government, to spearhead the proceedings in place of the island's governor and legislature.