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.
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.
After nearly a year of litigation, the Center for Investigative Journalism on Thursday confirmed another legal victory in its battle against the Government Development Bank for Puerto Rico to gain access to information about the hedge funds that hold the Commonwealth’s public debt.
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