Hedge funds that own Puerto Rico general obligation bonds are fracturing into competing groups as they jockey for priority in the U.S. territory’s financial restructuring, WSJ Pro Bankruptcy reported.
Puerto Rico in Distress
Video Features
ABI Analysis
Puerto Rico’s financial restructuring is ricocheting in a new direction after a federal court ruling threatened to leave the U.S. territory without functioning fiscal supervisors for the first time since its default on its debt, WSJ Pro Bankruptcy reported. The U.S.
Reversing the district court, the First Circuit threw the Puerto Rico debt restructuring into a cocked hat by declaring that the appointment of the members of the Financial Oversight and Management Board of Puerto Rico violated the Appointments Clause of the Constitution because they were not nominated by the President and confirmed by the Senate, according to an analysis in yesterday's <em&
Puerto Rico’s Sales Tax Financing Corporation, known as COFINA, yesterday issued $12 billion of new bonds as a federal court-approved deal between the bankrupt U.S. commonwealth and its creditors took effect, according to island officials, Reuters reported. The plan of adjustment approved by U.S. District Court Judge Laura Taylor Swain on Feb.
Other Resources
This wiki is a repository for members of the U.S. Congress, other policy makers, academics, investors, the media and the general public to understand the challenges facing Puerto Rico in 2016 and to provide data and information to begin crafting long term sustainable solutions. Click here to view.