Excerpt below from “Puerto Rico Oversight Board, Rosselló tussle over Christmas bonus” By Robert Slavin, November 15 2018, 3:27pm EST Puerto Rico’s Christmas bonus is again under the spotlight as the Oversight Board pressures Gov. Ricardo Rosselló to identify spending reductions to offset the cost of his plan to pay the annual benefit. The clash […]
“A revised fiscal (plan) that shows more money for creditors and recognizes Puerto Rico’s ability to pay – that is driving GOs higher… There is still a lot of execution risk as the fiscal plan relies on some assumptions and policies being put in place,” said Shaun Burgess, a portfolio manager at Cumberland Advisors in Sarasota, Florida.
August has brought welcome news for the Commonwealth of Puerto Rico and for creditors eager to see a resolution to the bankruptcy process that started more than two years ago with the passage of the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA). There is now a restructuring agreement for Sales Tax (COFINA) bondholders […]
In mid-November Bloomberg News reported that the board’s chief lawyer, Martin Bienenstock of Proskauer Rose, said at a Nov. 15 Title III Puerto Rico bankruptcy hearing that a plan of adjustment for the debt might exclude any debt payments for five years. “I hope they do include debt service, but I think the commonwealth may […]
The Commonwealth of Puerto Rico entered the fourth quarter having suffered one of the most devastating natural disasters in the island’s history. Hurricane Maria left billions of dollars in damage in its wake, including both infrastructure damage and economic losses. The human costs have been equally terrible, with millions of US citizens suffering. Three months […]
In a bizarre moment on Tuesday, President Donald Trump told Fox News that he was “gonna have to wipe out” Puerto Rico’s debt. The exchange sent Puerto Rico general obligation bonds into a tailspin, with bonds maturing in 2035 dropping over 13% to $0.38 on the dollar, according to Bloomberg data. “I wouldn’t start to […]