United States

Luis Valentin Ortiz

Puerto Rico oversight board may seek money back from bondholders

Apr 03 2019

SAN JUAN, April 3 Puerto Rico’s federally created oversight board believes it can recover payments to bondholders possibly in the billions of dollars if certain debt sold by the bankrupt U.S. commonwealth is found to be invalid, according to a motion filed late on Tuesday in federal court.

UPDATE 1-Puerto Rico wins court approval for sales tax-backed debt restructuring

Feb 04 2019

SAN JUAN, Feb 4 A U.S. federal judge on Monday approved a plan to restructure $17 billion of debt from Puerto Rico's Sales Tax Financing Corporation, known as COFINA, marking the second deal between the bankrupt U.S. commonwealth and its creditors to win court approval.

Puerto Rico oversight board asks court to invalidate $6 billion GO bonds

Jan 15 2019

SAN JUAN Puerto Rico’s federally appointed fiscal oversight board announced late Monday that it will seek to invalidate in federal court more than $6 billion of general obligation (GO) bonds.

Puerto Rico bankruptcy to grind on with cramdown possible

Dec 19 2018

SAN JUAN Puerto Rico will not obtain a clear picture of how soon it will finish restructuring the bulk of its public debt until the spring, a lawyer for the U.S. commonwealth’s federally appointed fiscal oversight board told a judge on Wednesday.

Puerto Rico governor signs bill for $2 billion in tax relief

Dec 10 2018

SAN JUAN Puerto Rico Governor Ricardo Rosselló signed into law on Monday legislation to provide nearly $2 billion in tax relief over five years amid concerns by the U.S. commonwealth's federally created fiscal oversight board about how the island will fund the tax break.

UPDATE 3-Judge approves Puerto Rico consensual debt restructuring deal

Nov 06 2018

SAN JUAN, Nov 6 A U.S. judge on Tuesday approved Puerto Rico's first consensual debt restructuring deal, helping wind down the Government Development Bank (GDB), the island's former fiscal agent.

Puerto Rico's revised fiscal plan approved over government opposition

Oct 23 2018

SAN JUAN Puerto Rico's federally appointed financial oversight board on Tuesday unanimously approved a revised fiscal reform plan meant to put the bankrupt island on a path toward solvency, but faced opposition from its elected government for being too strict.

Puerto Rico creditors end opposition to bank debt restructuring

Oct 05 2018

SAN JUAN Puerto Rico's unsecured creditors will drop their opposition to a deal to restructure roughly $4 billion of debt issued by the U.S. commonwealth's defunct Government Development Bank (GDB), under an agreement revealed on Friday.

Bond insurers renew push for Puerto Rico electric agency receiver

Oct 04 2018

Oct 4 Bond insurance companies that were not part of a preliminary deal to restructure debt issued by the Puerto Rico Electric Power Authority (PREPA) have relaunched litigation seeking a receiver for the bankrupt agency.

A year after deadly Maria, U.S. housing funds on way to Puerto Rico

Sep 21 2018

SAN JUAN A year after Hurricane Maria ripped through Puerto Rico with 150 mile-per-hour (241 kph) winds, government officials on Thursday announced that about $1.5 billion in federal funds aimed primarily at rebuilding housing will start flowing to the island. | Video

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