While some investors flee Puerto Rico securities, a major bond insurer is still a buyer, the Wall Street Journal reported yesterday. Ambac Assurance Corp. has been aggressive this year in repurchasing distressed bonds that the company has guaranteed, said Chief Executive Claude LeBlanc said on an earnings call last week. The buybacks include municipal debt issued by Puerto Rico.
Puerto Rico in Distress
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Puerto Rico's main creditors, meeting before a U.S. bankruptcy judge in the largest public finance restructuring case in history, are interested in continuing mediation settlement talks to resolve the island's unpayable $70 billion debt bill, Reuters reported yesterday. In the first hearing since the U.S.
Puerto Rico will face investors for the first time in a bankruptcy court, as it kicks off the biggest and most divisive debt restructuring in U.S. public finance history, Reuters reported today.
Puerto Rico reached a restructuring agreement with bondholders invested in the commonwealth's Government Development Bank, officials announced yesterday in San Juan, Pensions&Investments reported yesterday.