Debt-plagued Puerto Rico defaulted on a bond payment for the first time Monday, triggering what is likely to be a long battle with creditors as it seeks to restructure more than $72 billion in loans.The U.S. territory, whose governor has declared its debts “unpayable” and is seeking the largest restructuring ever in the country’s municipal bond market, paid just $628,000 of a $58 million payment owed by its Public Finance Corp.

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BING NEWS:
  • PREPA bondholders ask greater payment capacity evidence to be heard
    In the last few weeks projections from LUMA Energy indicate the authority can afford to pay more bond debt, opposing bond parties say.
    04/30/2024 - 1:55 pm | View Link
  • Puerto Rico Is Voting for Its Future
    Puerto Rico is participating in the U.S. presidential primaries in late April: Republicans selected delegates for the Republican National Convention (RNC) on April 21, and Democrats hold their ...
    04/25/2024 - 7:09 am | View Link
  • Puerto Rico
    Originally a Spanish colony, Puerto Rico was invaded by the United States during the Spanish-American War of 1898, putting an end to centuries of Spanish rule. Today, Puerto Rico remains a United ...
    04/17/2024 - 1:00 pm | View Link
  • Puerto Rico
    CAP Leads Letter to Treasury on Puerto Rico’s Eligibility for Critical Inflation ... costs—creating additional risks for municipal bond investors—state and local issuers should adopt new ...
    04/10/2024 - 1:00 pm | View Link
  • Puerto Rico’s southern coast is the island’s best-kept secret
    The scenery starts to change when you leave the tall hotels and tapón (traffic jam) of San Juan behind. Head south on Highway 52, and you will start seeing the lush green mountains of Cordillera ...
    04/10/2024 - 3:52 am | View Link
  • More

 

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