Puerto Rico’s federal oversight board approved Governor Ricardo Rossello’s plan for pulling the island out of a fiscal crisis, a step that will allow the territory to start negotiating with bondholders to reduce its $70 billion debt, Bloomberg News reported yesterday.
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A group holding more than $10 billion of Puerto Rican debt wants the island’s federally appointed financial oversight board to postpone a Wednesday deadline to approve a fiscal turnaround plan for Puerto Rico, saying the U.S. territory’s creditors should have input on the plan, Reuters reported.
The Senate Banking Committee yesterday approved with bipartisan support a raft of bills aimed at spurring capital formation, marking its first step this year toward modernizing market rules that critics have said are outdated and get in the way of business expansion and investment, Reuters reported. The Senate Banking Committee, chaired by Sen.
Puerto Rico's federally appointed fiscal oversight board yesterday rejected a fiscal turnaround plan proposed by Governor Ricardo Rossello, saying it did not comply with PROMESA, the restructuring law passed last year by the U.S. Congress, Reuters reported. The board told Rossello in a letter that his plan to put the U.S.