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The Financial Oversight and Management Board for Puerto Rico announced that it reached an agreement in principle with several creditor groups to lower Puerto Rico’s debt to what it termed “sustainable levels” as a result of a mediation process. In tandem with the announcement, the Oversight Board asked the court to extend the deadline for […]
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.
A group of creditors, which collectively holds a substantial portion of Puerto Rico's outstanding $73 billion public debt, responded to the Commonwealth’s most recent version of its Fiscal and Economic Growth Plan, saying “a pragmatic, transparent and growth-focused policy agenda is critical to the island's recovery.”
A group of companies insuring the Puerto Rico Electric Power Authority’s debt filed a motion in the U.S. District Court for the District of Puerto Rico Tuesday, asking for the appointment of an independent receiver to pursue increased rates and to oversee certain operations of the public corporation.
Gov. Ricardo Rosselló announced Monday that the Puerto Rico Fiscal Agency and Financial Advisory Authority (AAFAF, for its Spanish acronym) and the Government Development Bank of Puerto Rico have entered into a restructuring support agreement (RSA) with a significant portion of its major stakeholders.
Local and stateside creditors and credit ratings agencies did not reach a true consensus over the government's decision and future effect of seeking the bankruptcy-like protection under Title III of PROMESA on Wednesday to restructure some $70 billion in debt.
The Detroit Industry mural of the Mexican painter Diego Rivera rises magnificent, grandiose, at the atrium of the Detroit Institute of Arts (DIA).
The Puerto Rico Electric Power Authority, Puerto Rico’s publicly owned electricity provider, announced Thursday an extension of the Restructuring Support Agreement to March 31, 2017.
The Puerto Rico Aqueduct and Sewer Authority has reached forbearance agreements with a number of federal and local government agencies to put off making payments for at least six months, according to filings submitted to the Municipal Securities Rulemaking Board on Wednesday.
The Puerto Rico Electric Power Authority announced Thursday its intention to pay all principal and interest due on July 1, 2016 under its power revenue bonds in accordance with the terms of an agreement with creditors holding approximately 70 percent of the utility’s outstanding debt, company officials said.
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.
A group of Government Development Bank for Puerto Rico creditors have filed an amended complaint in the U.S. District Court for the District of Puerto Rico challenging the constitutionality of certain aspects of the Puerto Rico Emergency Moratorium and Financial Rehabilitation Act, and certain related executive orders.
Puerto Rico Gov. Alejandro García-Padilla met with a group of unidentified advisors to the Commonwealth’s creditors to communicate, first hand, the need for Puerto Rico reach a broad restructuring of its $70 billion public debt to sustainable levels, his office said Tuesday.
A little more than a week after filing a motion for a temporary restraining order (“TRO”) against the Government Development Bank, a group of creditors owning Puerto Rico bonds confirmed Wednesday they have withdrawn their request.
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