Puerto Rico’s general obligation bonds — a debt instrument of the local government — have been trading up by a couple of percentage points, to about 67 cents on the dollar, according to a commentary in the Financial Times on Saturday.
Puerto Rico in Distress
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The hedge funds and insurance companies that want financially strapped Puerto Rico to pay them back in full may have found a new ally: Donald Trump’s former campaign manager, Corey Lewandowski, ProPublica.com reported.
A U.S. federal appeals court has decided creditors of Puerto Rico's pension bonds are entitled to a hearing on whether they can proceed with a lawsuit against the island's government over a fiscal emergency law it passed last year, Reuters reported yesterday. The U.S.
Puerto Rico Gov. Ricardo Rosselló has asserted a commitment to paying Puerto Rico’s creditors and has said that doing so is likely to require restructuring the debt, according to a Wall Street Journal commentary today. Rosselló’s most immediate problem, according to the commentary, is the liquidity crisis sparked by former Gov.
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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.