Puerto Rico's financial oversight board late on Friday approved a plan to wind down the island's Government Development Bank (GDB), bringing the defunct fiscal agent a step closer to settling more than $5 billion in debt, Reuters reported on Friday.
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A group of hedge funds that owns $3.3 billion of Puerto Rico bonds disclosed in court documents the amount that each of them holds, Bloomberg News reported yesterday. The disclosure is related to the territory’s May 3 bankruptcy, which will allow Puerto Rico and its agencies to reduce the $74 billion of debt left after years of economic decline and borrowing to cover operating expenses.
Congress has not formally recognized Puerto Rico’s vote for statehood, but that isn’t stopping the territory’s political leaders from gearing up for a Capitol Hill clash with plans to dispatch representatives to Washington, D.C., FoxNews.com reported. Gov.
Assured Guaranty is suing Puerto Rico’s federal Oversight Board over its decision to push the Caribbean island’s electric utility into bankruptcy, the Royal Gazette reported. The Bermuda-based firm insures some of the bonds issued by PREPA, as the utility is known, and the bankruptcy comes after the rejection of a longstanding debt-restructuring agreement with creditors.
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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.