Puerto Rico Oversight Board certifies COFINA fiscal plan
June 23, 2020
The Financial Oversight and Management Board for Puerto Rico announced that it certified the government of Puerto Rico’s updated Fiscal Plan for the Puerto Rico Sales Tax Financing Corporation (known as COFINA, in Spanish). The 2020 Fiscal Plan for COFINA is “based on the macroeconomic projections outlined in the Certified Fiscal Plan for the Commonwealth […]
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Study confirms P.R. debt restructuring leading to new unsustainable payments
February 6, 2020
One year after Judge Laura Taylor Swain approved the agreement on the Sales Tax Financing Corp. (COFINA, in Spanish) bonds which, with the consent of a majority of the members of the Puerto Rican legislature, was presented by the executive and the Financial Oversight and Management Board to the bondholders, a study by economist Daniel […]
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COFINA launches new investor relations website to promote transparency
October 30, 2019
The Puerto Rico Sales Tax Financing Corporation (known as COFINA for its initials in Spanish) announced it has launched an investor relations website to increase transparency to investors regarding specific bonds. Information about COFINA’s restructured sales tax bonds Series 2019A and Series 2019B issued in connection with the Third Amended Title III Plan of Adjustment of Puerto Rico […]
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Espacios Abiertos, debt restructuring expert, warn about implications of COFINA deal
January 15, 2019
Nonprofit organization Espacios Abiertos exposed a number of “suspicious elements” of the proposed agreement to restructure the Puerto Rico Sales Tax Financing Corporation (known as COFINA by its initials in Spanish) debt, which U.S. District Court Judge Laura Taylor Swain will review this week. “We said it last year and we stand by it today,” […]
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Analyst: COFINA deal may usher in P.R.’s ‘next default’
October 31, 2018
If the prediction of zero economic growth by 2023 holds true, the deal with COFINA creditors will lead to a new default for Puerto Rico.
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OBoard, P.R. gov’t reach deal with COFINA creditors; to save $17B+ in debt service
August 9, 2018
The Financial Oversight and Management Board for Puerto Rico and the government of Puerto Rico announced they have reached a deal with Senior and Junior bondholders of Sales Tax Financing Corp. credit, as well as monoline insurers.
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P.R. debt audit drags on as creditor negotiations heat up
June 12, 2018
A mural alongside Baldorioty de Castro Avenue in San Juan, near the exit to De Diego Street, reads nowadays, “¡Auditoría ya, mamabichxs! A ciegas no” (which roughly translates into “Audit Now, suckers! Don’t do it blindly.”)
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Commonwealth-COFINA bondholders disclose agreement to end dispute
June 8, 2018
Sales Tax Financing Corp. bondholders submitted an Agreement in Principle in the U.S. District Court in Puerto Rico, potentially ending its dispute with the island’s government.
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COFINA constituents call out gov’t inaccuracies related to IVU collections
March 16, 2018
A group of Puerto Rico Sales Tax Financing Corp. (known as COFINA in Spanish) stakeholders expressed concern about the government’s alleged release of inaccurate information about Sales and Use tax (SUT) collections.
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Blown-up statistics to market COFINA bonds eliminated
August 18, 2017
The Puerto Rico Institute of Statistics offered details of the new methodology used by the Puerto Rico Trade & Export Company to estimate the value of the island's retail sales starting in October 2016.
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PR GO, COFINA bondholders spar over pending litigation
February 23, 2017
The COFINA Seniors Coalition on Wednesday filed a motion to join litigation already pending in the U.S. District Court in Puerto Rico — Lex Claims, LLC et al. v. Garcia-Padilla et al. — to expose what they called “meritless, self-serving claims brought by a litigious faction” of General Obligation ("GO") bondholders.
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GO bondholders ask for invalidation of COFINA structure
January 11, 2017
The Ad Hoc Group of Puerto Rico General Obligation bondholders addressed a memo Tuesday to island policymakers claiming the unconstitutionality of the Sales Tax Financing Corp., known as COFINA, and asking for its invalidation.
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U.S. Senate passes PROMESA, Obama could sign it today
June 30, 2016
The U.S. Senate passed S. 2328, the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), Wednesday with a bipartisan vote that should send the measure to Pres. Barack Obama’s desk for signing today.
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P.R. gov’t, creditor talks break off despite trading offers
June 22, 2016
Following the Puerto Rico government’s confirmation Tuesday that negotiations with Rico Sales Tax Financing Corporation (known as COFINA) and General Obligation bondholders had broken off, both creditor groups went public to defend their positions on the ongoing talks.
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Gov: Paying $354M due depends on creditor talks
December 1, 2015
A decision by the Puerto Rico government to make the $354.7 million payment on Government Development Bank Senior Notes due today will come down to the wire and will depend on the outcome on talks with creditors, Gov. Alejandro García-Padilla said.
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