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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Economist: GDB liquidation could be messy proceeding
May 5, 2016
A liquidation of the Government Development Bank for Puerto Rico could be a messy proceeding, because there is no precedent for determining how debt responsibilities and assets would be assigned, Economist and Professor Antonio Fernós-Sagebien predicted Wednesday.
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Politicians, analysts, creditors react to gov’t debt default
May 3, 2016
The Puerto Rico government’s decision to default on a portion of the $470 million in debt service payments due Monday drew reactions from politicians, analysts and creditors alike, who both urged Congress to act on the Commonwealth’s behalf and predicted long court battles ahead.
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P.R. gov’t will fall $367M short in May debt payment
May 2, 2016
Calling on Congress to take swift action to create a debt restructuring mechanism and saying resources are “scarce,” Puerto Rico Gov. Alejandro García-Padilla confirmed Sunday he has ordered a moratorium on the debt service payments due from the Government Development Bank.
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Moody’s: P.R. will default ‘with or without’ federal action
April 25, 2016
The government of Puerto Rico will default on several debt payments due May 2, including $422 million due from the Government Development Bank, “regardless of whether Congress enacts pending fiscal oversight legislation,” Moody’s Investors Service predicted.
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Local bondholders demand voice in restructuring talks
April 25, 2016
Individual Puerto Rico bondholders announced the creation of Backyard Bondholders seeking to have a unified voice in the negotiations between the commonwealth’s government, the U.S. House of Representatives and other creditors on the restructuring of the public debt.
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P.R. Gov: Suárez to head Financial Advisory Authority
April 20, 2016
Puerto Rico Gov. Alejandro García-Padilla announced Tuesday the appointment of Secretary of State Víctor Suárez as executive director and sole member of the Financial Advisory Authority and Fiscal Agency to act as the Commonwealth’s fiscal agent, financial advisor and information agent.
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GDB board members resign due to ‘restricted authority’
April 19, 2016
Two Government Development Bank board members are stepping down from their posts, saying, among other things, that the recently approved Puerto Rico Emergency Moratorium and Financial Rehabilitation has restricted the scope of their authority to make important decisions.
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U.S. Republican lawmakers release oversight board bill
April 13, 2016
The House Committee on Natural Resources released H.R. 4900, the “Puerto Rico Oversight, Management, and Economic Stability Act” (known as PROMESA), co-sponsored by Committee Chairman Rob Bishop (R-UT) and Rep. Sean Duffy (R-WI).
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Local delegation bears down on DC lawmakers this week
April 12, 2016
A broad group of public and private-sector representatives from Puerto Rico are bearing down on Washington lawmakers this week, when a draft of the bill proposing an oversight board for the island is expected to be released and discussed during a hearing Wednesday.
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Assured supports proposal to restructure P.R. GO bonds
April 12, 2016
Debt insurer Assured Guaranty has aligned with the Ad Hoc Group of Puerto Rico's General Obligation Bondholders, agreeing to the deferral of principal repayment of Puerto Rico General Obligation Bonds on terms “economically consistent with the previously released term sheet,” the group said Monday.
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Gov’t revises terms in 2nd offer presented to creditors
April 11, 2016
Members of the government’s Working Group for the Fiscal and Economic Recovery of Puerto will release today details of a revised voluntary exchange proposal presented to advisors to the Commonwealth’s creditors in March.
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Diaspora, local execs join forces on message to Congress
April 8, 2016
A broad segment of the Puerto Rican diaspora and local economic and social organizations met Thursday with House Speaker Jaime Perelló to identified critical areas that must be addressed jointly in Congress, as it shapes solutions for the island’s fiscal crisis.
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S&P: Puerto Rico debt moratorium could lead to default
April 7, 2016
Standard & Poor's Ratings Services said Wednesday the legislation enacted giving Puerto Rico Gov. Alejandro García-Padilla the power to suspend debt service payments would lead to a further credit downgrade, to “default” status.
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