Puerto Rico can crawl out of its $72 billion debt hole without defaulting on its government debt, says a report commissioned by holders of $5.2 billion of the U.S. commonwealth's government-backed bonds, Reuters reported yesterday.
Puerto Rico in Distress
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Even as Puerto Rico’s tourism industry has fallen victim to the island’s struggling economy — the famed San Juan Beach Hotel filed for bankruptcy in March — some Wall Street firms see an opportunity in the turmoil, reports the New York Times Deal Book Blog. One of Puerto Rico’s biggest cheerleaders, John A.
Puerto Rico's power company has rejected a new proposal from bondholders that calls for an $8.1 billion debt exchange amid growing concerns the public agency could be the first one in the U.S. territory to go bankrupt, The Associated Press reported yesterday.
Two Democratic senators have agreed to co-sponsor a bill that would allow Puerto Rico's municipalities to use federal bankruptcy laws, the U.S. territory's representative in Congress, Pedro Pierluisi, said and Reuters reported yesterday.
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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.