The current Financial Oversight and Management Board for Puerto Rico is attempting to invalidate more than $6 billion of general obligation bonds and to initiate clawbacks of principal and interest payments to bondholders. It claims that the bonds were issued in excess of a Puerto Rico constitutional debt limit, notwithstanding the Commonwealth’s specific representations to […]
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 […]
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