MatlinPatterson Global Advisers is raising money to invest in Puerto Rico, the beleaguered commonwealth that’s attracting debt investors wagering on a rebound, Bloomberg News reported yesterday. The firm, which oversees $7.5 billion, has invested about $150 million in the island.
Puerto Rico in Distress
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Puerto Rico's governor confirmed yesterday that his administration recently pursued a proposal to request that the U.S. Congress allow the island's heavily indebted government to declare bankruptcy amid an economic crisis, the Associated Press reported yesterday. Gov. Alejandro Garcia Padilla's public acknowledgement of the proposal comes as the U.S.
Puerto Rico's net tax haul was $646.9 million in May, 14.1 percent below the same month last year, the U.S. territory's Treasury said on Friday, Reuters reported. The Treasury attributed the decline to one-time transactions last year.
Puerto Rico wants insurers such as Assured Guaranty Ltd. and MBIA Inc. to guarantee some of the $2.9 billion of bonds that it plans to sell to stave off insolvency, Bloomberg News reported yesterday.