by Summary:
In the FT, Eric Platt offers an update on the debt situation in Puerto Rico: The U.S. territory carries a USD 70 billion debt burden. It has defaulted multiple times over the past year, “including on bonds backed with a constitutional guarantee.” It did not have access to a court-backed restructuring process until Congress recently passed and President Obama signed the Puerto Rico Oversight, Management and Economic Stability Act (Promesa). A seven-person control board controls the island’s finances and will oversee negotiations with creditors. Puerto Rico has two weeks to submit a turnaround plan to the board.
Topics:
Dirk Niepelt considers the following as important: Control board, Debt, Debt restructuring, Notes, Puerto Rico
This could be interesting, too:
In the FT, Eric Platt offers an update on the debt situation in Puerto Rico: The U.S. territory carries a USD 70 billion debt burden. It has defaulted multiple times over the past year, “including on bonds backed with a constitutional guarantee.” It did not have access to a court-backed restructuring process until Congress recently passed and President Obama signed the Puerto Rico Oversight, Management and Economic Stability Act (Promesa). A seven-person control board controls the island’s finances and will oversee negotiations with creditors. Puerto Rico has two weeks to submit a turnaround plan to the board.
Topics:
Dirk Niepelt considers the following as important: Control board, Debt, Debt restructuring, Notes, Puerto Rico
This could be interesting, too:
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In the FT, Eric Platt offers an update on the debt situation in Puerto Rico:
- The U.S. territory carries a USD 70 billion debt burden.
- It has defaulted multiple times over the past year, “including on bonds backed with a constitutional guarantee.”
- It did not have access to a court-backed restructuring process until Congress recently passed and President Obama signed the Puerto Rico Oversight, Management and Economic Stability Act (Promesa).
- A seven-person control board controls the island’s finances and will oversee negotiations with creditors.
- Puerto Rico has two weeks to submit a turnaround plan to the board.