Puerto Rico

The Puerto Rico Oversight Board, the government of Gov. Ricardo Rosselló, COFINA senior bondholders’ representatives, COFINA subordinate bondholders’ representatives, and bond insurers agreed to the deal.

A draft of the plan in early July indicated that 71.3% of the funding was to come from the federal government.

The governor vowed to disobey Swain’s order, which he said would end Christmas bonuses or lead to "massive layoffs."

The board declined to say what the net impact on the central commonwealth government’s finances would be.

Christian Sobrino Vega takes over directorship of the agency in charge of debt restructuring from Gerardo Portelo Franco,

A new preliminary restructuring deal between the Puerto Rico Electric Power Authority and its creditors is a positive step for bondholders in a post Hurricane Maria world, according to analysts.

Puerto Rico has released three key reports since July 10.

But Eduardo Bhatia, minority leader of the Puerto Rico Senate, said he welcomes the proposal for $7.5 billion in debt relief.

The U.S. Territorial Relief Act of 2018 would give territories the option to terminate their debt obligations while authorizing $7.5 billion in federal funds to compensate mainland creditors who are individual investors, trade unions, pension plans, and open-end mutual funds.

“I realize the urgency of the situation,” U.S. District Court Judge Swain said at the end of the Title III bankruptcy hearing in San Juan.