The debt restructuring expert will delve into how the country’s financial issues parallel Puerto Rico’s. #NewsismyBusiness
The bankruptcy of Prepa, with more than $9 billion in unpaid bond debt and other obligations, represents one of the largest municipal debt restructurings in the United States. #NewsismyBusiness
In the think-tank’s opinion, a restructured PREPA should be a solvent entity.
The POA also includes provisions to protect government retirees and settles about $1 billion in claims to Puerto Rico residents and businesses.
After more than five years, the US District Court for the District of Puerto Rico approved a Plan of Adjustment that reduces the commonwealth’s debt by 80% and saves Puerto Rico more than $50 billion in debt service payments. Among other matters, the plan orders modifying some $33 billion in central government obligations. In a […]
The Unsecured Creditors Committee, one of the parties participating in the restructuring process of some $73 billion in government debt, announced it will be hosting several informative sessions for creditors who may have received voting ballots. The creditors may have recently received a Class 58 or Class 66 ballot to vote to accept or reject […]
Rep. Nydia M. Velázquez (D-NY) has introduced the “Puerto Rico Recovery Accuracy in Disclosures Act of 2021.” Known as PRRADA, the bill would extend current US law to require disclosures of conflicts of interest in all PROMESA bankruptcy proceedings in Puerto Rico, and thereby improve transparency and restore confidence in the island’s future. Senator Bob […]
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 announced it reached an agreement with certain Commonwealth bondholders on the framework for a plan of adjustment to resolve $35 billion worth of debt and non-debt claims against the government. The agreement will reduce the amount of Commonwealth-related bonds outstanding to less than $12 billion, a […]
The government of Puerto Rico announced it has entered into a restructuring support agreement for $165 million in Puerto Rico Industrial Development Company debt with GoldenTree Asset Management, holder of over two-thirds of the agency’s outstanding revenue bonds. The RSA contemplates a financial restructuring of the PRIDCO Bonds through a Qualifying Modification under Title VI […]
The Puerto Rico International Insurers Association (PRIIA) issued a statement Thursday saying it operates under laws and regulations that insulate its member companies and their clients from any changes to Puerto Rico that Title III bankruptcy may bring about.
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