The federal oversight board tasked with pulling Puerto Rico out of a fiscal crisis said the island can’t count on additional aid from Washington, D.C., and should brace for spending cuts and a “significant” reduction of its $70 billion debt to bondholders, Bloomberg News reported on Friday.
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Puerto Rico's treasury secretary on Thursday said the U.S. territory's revenues for fiscal year 2017 are positive, after general fund net revenues for October came in nearly 12 percent higher than expectations, Reuters reported yesterday.
The judge hearing all the debt lawsuits in Puerto Rico's federal court ordered continued stays in four more cases, The Bond Buyer reported. U.S. District Court for the District of Puerto Rico Judge Francisco Besosa issued the rulings on Tuesday in the Brigade Leveraged Capital Structures Fund Ltd., National Public Finance Guarantee Corp., Dionisio Trigo-Gonzalez, and U.S.
The federal board tasked with overseeing a major financial overhaul in Puerto Rico has held interviews with a handful of candidates for its counsel from a wide list of applicants, Reuters reported yesterday. The board has interviewed candidates including Chadbourne & Parke LLP, Proskauer Rose LLP, Morrison & Foerster LLP, Sidley Austin LLP and O'Melveny & Myers LLP.