Puerto Rico bonds soared as much as 30 percent after the island reached a debt restructuring deal with owners of its sales-tax backed securities, marking a significant milestone in the government’s record bankruptcy, Bloomberg News reported. The U.S.
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Puerto Rico has reached a deal with bondholders and insurers of debt issued by its bankrupt sales tax financing corporation, COFINA, the U.S. territory’s governor and federal oversight board said yesterday, Reuters reported. The agreement would reduce COFINA’s sales-tax-backed debt by more than 32 percent and result in about $17.5 billion in debt service savings, officials said in statements.
Jose Ortiz, an electrical engineer who ran the island’s water and sewer utility, said that he’s aiming to be out of the job in two years as the government-owned Puerto Rico Electric Power Authority successfully sells off much of its operations and slashes its $9 billion of debt, Bloomberg News reported.
Puerto Rico's government reached a deal on Monday with a bondholder group to restructure more than a third of the debt owed by its troubled power company as the utility moves toward privatization, the Associated Press reported. A federal control board overseeing the U.S.
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