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.
Puerto Rico in Distress
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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.