Puerto Rico's federally created financial oversight board on Monday defende...
- Puerto Rico’s federally created financial oversight board on Monday defended a new agreement with creditors, saying it will result in an affordable and sustainable debt level and allow the U.S. commonwealth to exit bankruptcy next year.
On Sunday, the Financial Oversight and Management Board announced a deal that establishes terms for restructuring more than $18 billion of Puerto Rico’s general obligation and Public Buildings Authority debt. A group of investment firms that signed on to the agreement, which calls for recoveries of about 64% for GO bonds and 73% for PBA debt, own about $3 billion of what the board calls “vintage” bonds that are not being challenged in court.
She said the deal would reduce $35 billion of liabilities to $12 billion and lower the island’s maximum annual payments on debt, including already restructured sales tax-backed bonds, by 64 percent to $1.5 billion.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Puerto Rico Board Unveils $35 Billion Bankruptcy-Exit FrameworkPuerto Rico’s financial supervisors struck a deal with creditors owed $3 billion that sets out a path for restructuring $35 billion in debt obligations and scaling back debt payments over the next 30 years.
Read more »
McConnell Calls Senate Seats for D.C. and Puerto Rico ‘Full Bore Socialism’Whether McConnell is defending against “full-bore socialism” or the advent of (almost) full representative democracy for millions of Americans, the inclusion of Puerto Rico and D.C. in Congress would cause profound shifts to the parties' power balance
Read more »
Puerto Rico's oversight board strikes $35 billion restructuring deal with commonwealth's bondholdersThe agreement, which is on the framework for the plan of adjustment, provide for more than a 60% average haircut for all $35 billion, a 36% haircut on pre-2012 general obligation or 'GO' bonds, and a 27% haircut on public authority bonds that carry a constitutional guarantee on payment.
Read more »
Executive director of Puerto Rico's Oversight Board defends proposed restructuring dealThe executive director of Puerto Rico's Oversight Board is standing by the restructuring agreement that it reached with a portion of bondholders to address $35 billion of Puerto Rico's debt.
Read more »
Executive director of Puerto Rico's Oversight Board defends proposed restructuring dealThe executive director of Puerto Rico's Oversight Board is standing by the restructuring agreement that it reached with a portion of bondholders to address $35 billion of Puerto Rico's debt.
Read more »
Puerto Rico's oversight board strikes $35 billion restructuring deal with commonwealth's bondholdersThe agreement, which is on the framework for the plan of adjustment, provide for more than a 60% average haircut for all $35 billion, a 36% haircut on pre-2012 general obligation or 'GO' bonds, and a 27% haircut on public authority bonds that carry a constitutional guarantee on payment.
Read more »