The oversight board charged with digging Puerto Rico out of $72 billion in debt has white-shoe law firms vying to quarterback a lengthy and likely contentious restructuring, WSJ Pro Bankruptcy reported on Friday.
Puerto Rico in Distress
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Some Puerto Rico general obligations rallied to the highest price in nearly 17 months after the island elected New Progressive Party candidate Ricardo Rossello for governor, ushering in a change of power after the island defaulted on a growing share of its debt, Bloomberg reported yesterday.
A passionate advocate for making Puerto Rico the 51st U.S. state appears poised to become the next governor of the territory, giving a boost to a movement that has been gaining momentum amid the island's economic woes, the Associated Press reported on Friday.
What some Puerto Rico bondholders dreaded the most under the creation of a federal oversight board may end up leading to a long-sought resolution to the first debt-restructuring agreement reached by the commonwealth.
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The Financial Oversight and Management Board for Puerto Rico was created under the Puerto Rico Oversight, Management and Economic Stability Act of 2016. The Board consists of seven members appointed by the President of the United States and one ex officio member designated by the Governor of Puerto Rico. Access information on the Board, documents, videos of meetings, calendar of events and live webcasts by clicking here.