SAN JUAN — Attorneys representing bondholders hit by a recent request to dismiss more than $6 billion of Puerto Rico’s debt demanded more time to fight the proposal during a federal debt restructuring hearing today. The attorneys said all bondholders need to be alerted and that they worry some will be treated more favorably than […]
Tag: Fiscal Agency and Financial Advisory Authority (PROMESA)
Federal Control Board Seeks To Invalidate $6 Billion of Puerto Rico’s Debt
SAN JUAN — A federal control board that oversees Puerto Rico’s finances is asking a court to invalidate more than $6 billion worth of debt issued by the U.S. commonwealth, a move that would hit bondholders. The board said late Monday the debt includes all general obligation bonds that were issued in 2012 and 2014 […]
WASHINGTON REPORT: Virgin Islands Might Need Oversight Board Just Like Puerto Rico
[ad name=”HTML-68″] [wpedon id=”23995″ align=”left”] WASHINGTON — Are economic conditions in the territory so bad that the Virgin Islands government needs to be overseen by a federal advisory board just like Puerto Rico? That is one of the suggestions from Washington-based economist D. Andrew Austin who said in an 18-page report to Congress that the […]
Puerto Rico To Send Its Inmates To United States … Out of ‘Archaic’ Island Prisons
[ad name=”HTML-68″] [wpedon id=”23995″ align=”left”] SAN JUAN — Bankrupt Puerto Rico plans to save money by closing as many as a third of its jails and shipping its inmates to mainland private prisons. The commonwealth is considering off-loading some 3,200 prisoners, apparently to privately-run lockups across the ocean, according to the latest fiscal turnaround plan. […]
ROSSELLO’S REP: If We Bow Down To Feds Now, Puerto Rico Will Become A Footnote To Caribbean History
[ad name=”HTML-68″] [wpedon id=”23995″ align=”left”] SAN JUAN — Puerto Rico government officials said Friday they will not bow to demands from a federal control board overseeing the island’s finances that they implement cuts to a struggling public pension system as part of an upcoming fiscal plan to help pull the U.S. commonwealth out of an […]
HURRICANE RECOVERY? Trump Tells Puerto Rico It Is Too Rich For $1 Billion in Federal Aid
[ad name=”HTML-68″] [wpedon id=”23995″ align=”left”] SAN JUAN — A billion-dollar emergency loan approved by Congress to help Puerto Rico deal with the effects of Hurricane Maria has been temporarily withheld by federal officials who say the U.S. commonwealth is not facing a cash shortage like it has repeatedly warned about in recent months. Officials with the Federal […]