The governor of Puerto Rico is requesting Congress send billions of dollars in emergency relief before the end of the year as the U.S. territory continues to repair after being pummeled by summer hurricanes, the Washington Examiner. reported. Noting that Congress is set for recess in the coming days, Puerto Rican Gov.
Puerto Rico in Distress
Video Features
ABI Analysis
Puerto Rico’s effort to persuade bondholders to forgive a big chunk of its $74 billion of debt has been stalled by a major stumbling block: The government’s murky finances have left neither side entirely certain about how much it can afford to pay, Bloomberg News reported. The most recent annual financial statements are for 2014.
A U.S. bond insurer moved a step closer to executing a proposed $5 billion restructuring deal designed to solve a cash crunch that dates to the U.S. housing bust, WSJ Pro Bankruptcy reported. A Wisconsin judge has paved the way for Ambac Assurance Corp.
Post Hurricane Maria, there is no capacity for Puerto Rico to make any debt payments in the coming decade, and the entire debt stock will need to be massively written-down to make the island’s recovery feasible, according to a commentary in the Washington Post. Before the hurricanes hit Puerto Rico, the situation was already dire.
Other Resources
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.