Puerto Rico’s government is formally exiting bankruptcy after completing the largest public debt restructuring in U.S. history after announcing nearly seven years ago that it was unable to pay its more than $70 billion debt SAN JUAN — Puerto Rico’s government formally exited bankruptcy Tuesday, completing the largest public debt restructuring in U.S. history after […]
Tag: Puerto Rico Bankruptcy Board (PROMESA)
District Court Judge Nixes Bondholder’s Move to Toss Puerto Rico Bankruptcy Case
[ad name=”HTML-68″] [wpedon id=”23995″ align=”left”] SAN JUAN — A federal judge on Friday rejected an attempt by a major Puerto Rico bondholder to throw out the U.S. commonwealth’s historic municipal bankruptcy case. U.S. District Judge Laura Taylor Swain ruled that the creation by the U.S. Congress of a financial oversight board for Puerto Rico under […]
Puerto Rico’s Rossello Calls Out Utah Congressman Bishop Over ‘Dictatorial’ Letter
[ad name=”HTML-68″] [wpedon id=”23995″ align=”left”] SAN JUAN — Puerto Rico’s governor on Monday fiercely defended his administration’s right to help steer the insolvent, storm-ravaged island out of bankruptcy after a U.S. congressman said the process should be led by the island’s creditors and federally appointed oversight board. In a scorching, 6,000-word letter delivered on Monday […]
Broadway’s ‘Hamilton’ Wants Puerto Rico’s $74 Billion Debt To Be Erased … Pronto!
[ad name=”HTML-68″] SAN JUAN — Lin-Manuel Miranda wants Puerto Rico’s $74 billion of debt to be erased. The creator and star of the Broadway hit “Hamilton,” about the first U.S. Treasury Secretary Alexander Hamilton, said Thursday in a Washington Post opinion piece that the island’s bondholders shouldn’t seek repayment. The commonwealth fell into bankruptcy in […]
CONTROL BOARD: Puerto Rico Needs ‘Unprecedented’ United States Help To Recover From Hurricane Maria
[ad name=”HTML-68″] SAN JUAN — Puerto Rico has suffered such extensive devastation from Hurricane Maria that its recovery will fail unless the island gets more United States help. That’s the word from Natalie Jaresko, executive director of a federal control board that oversees Puerto Rico’s finances. Jaresko tells Congress that the U.S. commonwealth needs emergency […]
Puerto Rico Control Board Sues Gov. Ricardo Rossello For Not Imposing Mandatory Government Employee Layoffs
[ad name=”HTML-68″] SAN JUAN — A federal control board overseeing Puerto Rico’s crisis-ridden finances sued the island’s governor on Monday for refusing to impose furloughs and take other measures it says are needed to save money. The lawsuit further raises tensions between Gov. Ricardo Rossello and the board, which is demanding public employee furloughs and a […]