G25 credit unions unveil debt restructuring proposal
June 7, 2016
Twenty-five members of Puerto Rico’s credit union sector unveiled today in New York a proposal to restructure the bulk of the government’s outstanding public debt, which calls for reducing the payment burden and providing guarantees to creditors.
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Op-Ed: Expert — P.R. bankruptcy protection ‘overdue’
June 6, 2016
After months of negotiation, U.S. House Republicans introduced a bill that would help Puerto Rico deal with its $69 billion debt that has crippled its economy, setting rules that would allow it to seek bankruptcy protection.
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Study casts doubt on legality of Puerto Rico debt
June 3, 2016
An independent commission established by Puerto Rico's government has issued a report casting doubt on the legality of the island's debt, which could be declared null by a court if it decides the Commonwealth borrowed without authorization.
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P.R. ranks dead last in fiscal solvency among U.S. states
June 2, 2016
A study by the Mercatus Center at George Mason University released Wednesday showed that on the basis of its fiscal solvency in five separate categories, Puerto Rico ranks 51st among the U.S. states and the island itself for its fiscal health.
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OMB: Paying GO debt in full in ’17 could imply layoffs
May 31, 2016
If the government of Puerto Rico were to pay the full amount due next year in GO debt would require laying off more than 3,400 public workers, among other adjustments.
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GDB waiting for ‘global’ restructuring offer for $48B debt
May 31, 2016
The Puerto Rico Government Development Bank is waiting for creditors to submit a “global” restructuring offer that would address some $48 billion in debt in its entirety, rather than piecemeal, agency President Melba Acosta said during budget hearings Monday.
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Governor pitches $9.1B budget, reserves $209M for debt
May 24, 2016
Puerto Rico Gov. Alejandro García-Padilla on Monday unveiled a proposed budget for Fiscal 2017 of $9.1 billion, down $700 million from the original budget that was approved last year and $192 million less than the adjusted current budget.
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U.S. Congress submits revised Puerto Rico legislation
May 19, 2016
The U.S. House of Representatives submitted late Wednesday H.R. 5278, the “Puerto Rico Oversight, Management, and Economic Stability Act,” which includes several revisions to the original bill proposing an oversight board and a debt-restructuring framework for the island.
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Backyard Bondholders support fiscal control board
May 19, 2016
Backyard Bondholders, a nonprofit organization representing individual Puerto Rico creditors, on Wednesday said it favors the adoption of a fiscal control board to facilitate an orderly debt restructuring process.
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A.M. Best: P.R.’s debt crisis remains test for insurers
May 13, 2016
While insurers domiciled in Puerto Rico have maintained underwriting discipline and demonstrated favorable operating results and solid balance sheet strength, the competitive operating environment and economic challenges there will hinder their ability to grow over the near to medium term, according to a new A.M. Best briefing.
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Governor, private sector lobby directly with Ryan
May 12, 2016
Puerto Rico Gov. Alejandro García-Padilla and members of the island’s private sector held meetings with key lawmakers in Congress, including U.S. House Speaker Paul Ryan, to discuss the bill that would address the Commonwealth’s fiscal crisis.
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Op-Ed: Origins of the Puerto Rico fiscal crisis
May 12, 2016
Puerto Rico is facing a severe fiscal crisis. Observers agree that the island’s public entities are unable to repay their debts on time and in full, making default and debt restructuring inevitable.
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García-Padilla meets with creditor advisors in NYC
May 11, 2016
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.
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Moody’s: Default foreshadows long battle to restructure
May 9, 2016
Although the government of Puerto Rico paid its General Obligation bonds and guaranteed debt due May 1, which totaled about $103 million, Moody’s Investors Service believes it will enter into an eventual default of these bonds in the absence of a federal stay on litigation.
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P.R. credit unions: GDB restructuring deal falls short
May 5, 2016
A group of Puerto Rican credit unions identifying themselves at the “G25” said Thursday the preliminary restructuring agreement announced by the Government Development Bank and hedge funds this week is unfavorable to local bondholders who will see losses as a result.
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